292 results for "memo":
Showing 71 - 80 of 292 results
Sea Change
In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change of the last 50 years.
The Value of Predictions II or Give That Man a Cigar
A l l R i g h t s R e s e r v e d Memo To: OaktreeClients From: HowardMarks Re: TheValueofPredictionsII(or"GiveThatManaCigar") Date: July22, 1996 In a February 1993 memo entitled "The Value of Predictions," I expressed my negative opinion of attempts to predict the macro-future., I pointed out in my 1993 memo that most of the time, you can't get superior results with inaccurate forecasts or with accurate forecasts that reflect the consensus.
A Case in Point
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : ACaseinPoint Lastmonth, my memo “There They Go Again” discussed investors’ propensity to repeat certain classic mistakes., Needing a new “gig,” Thorp turned his attention to another field in which subjective judgment could be improved upon through computer simulation: convertible arbitrage (I’ll bet you were wondering what blackjack had to do with the subject of this memo)., Anyway, this isn’t a memo about convertible arbitrage, but about investors’ persistent mistakes.
The Insight: The Roundup – June 2023 Edition
Explore these and many other questions, and hear an excerpt from Howard Marks’s recent memo to clients.
High Yield Bonds Today
Memo to: OaktreeHighYieldBondClients From: HowardMarksandSheldonStone Re: HighYieldBondsToday Clientsoftenaskforourviewsonthehighyieldbondmarket: “Do we think prices are too high?”, (This is in essence what Howard concluded in his most recent memo, “Ditto.”)
Taking the Temperature
Thus, I said so in the memo bubble.com, which was published as 2000 began., In July 2007, I published the memo It’s All Good, in which I was more emphatic (and had better timing): Where do we stand in the cycle?, Here’s how I put it in a memo I wrote that day: Skepticism and pessimism aren’t synonymous., This is how things stood in March 2012, when I wrote the memo Déjà Vu All Over Again., As I wrote in that same memo: What do we know?
The Value of Predictions, or Where'd All This Rain Come From?
A l l R i g h t s R e s e r v e d Memo to: Clients From: HowardMarks,TCW Re: TheValueof Predictions, or Where'd All This Rain Come From?, The motivation for this memo came as I considered the extraordinary amount of precipitation the West has experienced this year -- and newspaper articles of a couple of months ago.
The Indispensability of Risk
That’s why I’ve written a memo comparing investing to sports in each of the four decades I’ve been writing memos and one connecting investing and card playing in 2020., The motivation for this memo comes from an article in The Wall Street Journal of April 12 that my partner Bruce Karsh sent me entitled “Chess Teaches the Power of Sacrifice” by Maurice Ashley, a chess grandmaster who has been inducted into the U.S., Few people know that Bruce is a chess player, and I hadn’t thought about this fact for years, but the article provided a good reminder and moved me to dash off this memo., Relevant lessons from sports (included in past memos) are easily accessed and also very helpful: • “You miss 100% of the shots you don’t take.” – Wayne Gretzky, NHL Hall of Famer • “You have to give yourself a chance to fail.” – Kenny “The Jet” Smith, two-time NBA champion I’ll sum up with a paragraph from my memo of last September, Fewer Losers, or More Winners?
Risk
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Risk T h e r e a d i n g materials for a meeting of a corporate board on which I sit – and what turned out to be an eight-hour meeting of the audit committee (thank you, Messrs., But I think that tells so little of the story that I’ve decided to devote an entire memo to the subject of risk. 0BUWhy Does Risk Matter?, Rick Funston said in the article that prompted this memo, “. . . you need comfort that the . . .
Will It Work?
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : Will It Work?, As has happened before, his question elicited a fatherly response that grew into this memo., The “I know” school (which first appeared in a memo in 2001) is still making predictions.