303 results for "memo":
Showing 171 - 180 of 303 results
Hemlines
Memo to: OaktreeClients From: Howard M a rks Re: Hemlines While the details change, the pendulum-like fluctuation of investment styles is a constant., This memo will be about recurring patterns, the history of stocks and bonds as I know it, and the adage’s applicability to that history., (Given that I average a memo every couple of months, I find the very idea daunting.)
The Complete Collection
And that’s the point of this memo., That’s what this memo is about., But I think it’s worth a memo., And thus this section of my memo., In my memo What Really Matters?
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - June 2023 Edition
As a bonus, we’ve also included an excerpt from Howard Marks’s recent memo to clients. 1 Market Outlook: Tug-of-War Howard Marks Co-Chairman The overarching theme of my sea-change thinking is that, largely thanks to highly accommodative monetary policy, we went through unusually easy times in a number of important regards over a prolonged period, but that time is over., Thus, after decades of accommodative monetary policy, cheap debt, and robust equity returns, we may now be entering a new era, as our co-chairman Howard Marks eloquently described in his 2022 memo Sea Change.
Ruminating on Asset Allocation
When I travel to see clients and spend entire days discussing investing and the markets, memo ideas often pop up., Before I proceed, I want to mention that, from time to time in this memo, I’ll say “generally,” “usually,” or “everything else being equal.”, For the purposes of this memo, however, it might help to think of it as “fixed outcome” investing., The Essential Choice At the outset of this memo, I listed some of the decisions that comprise the asset allocation process., So, in a memo in 2006, I took the same line and superimposed on it some bell-shaped curves representing probability distributions turned on their side.
The Folly of Certainty
And, with that, I had the subject of this memo: not whether Biden will continue campaigning or drop out – or whether he’ll win if he continues – but rather how anyone can be without doubt., , has supplied an interesting tidbit for this memo on the subject of economists’ conclusions: I use the Philly Fed’s Anxious Index (the probability of a decline in real GDP in the upcoming quarter) as an indicator that a recession has ended., Back in mid-2020, when the pandemic seemed to have become a more or less understood phenomenon, I slowed the pace of my memo writing from the one-a-week pattern of March and April., P.S.: Last summer’s Grand Slam tennis tournaments provided the inspiration for my memo Fewer Losers, or More Winners?, Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.
Further Thoughts on Sea Change
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Further Thoughts on Sea Change In May, I wrote a follow-up memo to Sea Change (December 2022) that was shared exclusively with Oaktree clients., In Further Thoughts on Sea Change, I argued that the trends I had highlighted in the original memo collectively represented a sweeping alteration of the investment environment that called for significant capital reallocation., This memo was originally sent to Oaktree clients on May 30, 2023. 1 This Time It Really Might Be Different On October 11, 1987, I first came across the saying “this time it’s different.”, As I mentioned in my December memo, the 13 years in question were a difficult, dreary, low-return period for credit investors, including Oaktree., When I got home, I wrote the memo and began to discuss its thesis.
Will It Be Different This Time
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients and Friends From: Howard Marks Re: WillItBeDifferentThisTime?, Nevertheless, 51 of the 53 "top economists" surveyed by Blue Chip newsletter (my favorite experts and the subject of my July 22, 1996 memo) predict growth next year of 1.5% or more.
Down to the Wire
Memo to: OaktreeClients From: Howard M a r k s R e : DowntotheWire Here are the ingredients in the plot: A problem everyone’s aware of., I’ve decided to devote a memo to the debt issue and its significance.
Thinking About Macro
To invert the Buffett quote that began this memo, the macro future may not be knowable, but it certainly is important., That’s why I’m devoting a memo to a subject I largely disavow., As a result, I wrote a memo saying the market needed a trip to a psychiatrist (On the Couch, January 14, 2016)., I concluded my 2016 memo What Does the Market Know?, The answer lies in the title of a 2002 memo of mine: You Can’t Predict.
Expert Opinion
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Expert Opinion In August, I mentioned that I had chosen the title “Political Reality” for my memo in part because of my liking for oxymorons., This memo was inspired by a thought that popped into my head when the outcome of the election settled in., You may point out that at the end of my November 14 memo “Go Figure!, Anyway, this memo isn’t about politics, it’s about opinions., I’ll start this memo by reflecting on them.