295 results for "memo":
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It Is What It Is
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: ItIsWhat It Is My first exposure to the phrase that serves as the title for this memo came in 1995, a few days before Oaktree opened its doors., I took Peter’s use of the phrase in 1995 – and I’m using it in this memo – to mean something very different: recognition and acceptance of today’s givens . . . but not necessarily of the end result., In November 2004 I wrote a memo entitled “Risk and Return Today.”, Mark Cutis of Shinsei Bank sent me his memo entitled, “Market of no fear!”, I think a few of them – plus some comments from Warren Buffett’s latest annual report – can be woven into something of relevance to this memo and of interest to you.
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?
On Bubble Watch
The memo had two things going for it: it was right, and it was right fast., Some of what I write here will be familiar to anyone who read my December memo about the macro picture., But that memo only went to Oaktree clients, so I’m going to recycle here the part of its content that relates to the subject of bubbles., As many of my memo readers know, I joined the equity research department at First National City Bank (now Citi) in September 1969., * * * As I said at the start of this memo, I’m not an equity investor, and I’m certainly no expert on technology.
Nobody Knows (Yet Again)
I thought I should comment on these developments and the outlook, and the result was a memo called Nobody Knows, published four days later., In March 2020, I reused the title of the 2008 memo for Nobody Knows II, my first memo during the Covid-19 pandemic., The Uncertain Outlook In my February memo 2024 in Review, which went only to clients, I said the word to describe the Trump administration was “uncertainty.”, Truly nobody knows, and a lot of this memo will be about things we can’t know for sure., As I asked in a memo in September, is it a good idea for nations to try to repeal or resist the laws of economics in an effort to make it otherwise?
Conversations - Full Return World - Transcript
Howard, why were you interested in writing a follow-up to your memo, Sea Change?, And of course, the original Sea Change thesis came out of client visits that I made in October and November, and then the memo was released in December., I’ve never written a memo before that talked about something of the magnitude of the sea change that I think we’re going through., Anna So the last specific question I’ll ask about this memo, Howard, is for you, and it’s about capital allocation because it’s obviously a big part of the memo Further Thoughts on Sea Change., I discussed this in a memo called Race to the Bottom in February ’07, which unfortunately turned out to be right in the Global Financial Crisis.
The Role of Confidence
That’s what this memo is about., Confidence Today Back in September, I wrote a memo entitled “On Uncertain Ground.”, In mid-2007 I was working on a memo with the projected title “The Mother of All Cycles.”, In the memo I complained that every asset class, every asset and every region was appreciating., Thus that memo was followed by “It’s All Good . . .
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.”)
Easy Money
I received excellent feedback on the memo from clients – encouragement that pro mpted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., The relevance of The Price of Time to the trends I’ve been discussing for the last year occasions this memo, As I asked at the time in my memo There They Go Again . . ., Thus, I wrote as follows in my memo You Can’ t Predict.
Open and Shut
Memo to: OaktreeClients From: Howard M a r k s R e : OpenandShut MarkTwain is described as having said, “History doesn’t repeat itself, but it does rhyme.”, I’m willing to try an experiment along those lines for this memo., The above citations provide the themes for this memo., In short, whereas economies fluctuate a little and profits a fair bit, the credit window opens wide and then slams shut . . . thus the title of this memo., The Ramifications In 2003, my memo “What’s Going On?”
Mr. Market Miscalculates
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr.