227 results for "memo":
Showing 211 - 220 of 227 results
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.
Are You An Investor or a Speculator
Memo to: Oaktree Clients and Friends From: Howard Marks Re: Are You An Investor or a Speculator?, In an April 1991 memo entitled "The Pendulum," we discussed the market's usual oscillation between euphoria and depression, and thus between overpriced and underpriced., Legal Information and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice., This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree
Investing Without People
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Investing Without People Over the last twelve months I’ve devoted three memos to discussing macro developments, market outlook, and recommendations for investor behavior., Since little in the environment has changed from what I described in those three memos, I feel I now have the liberty to turn to some bigger-picture issues., In this memo I’ll use the first of those., Wolf, a former CIO and consultant to some of our clients’ boards, asking which memo contained a quote she likes to use., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Fewer Losers, or More Winners?
My memos got their start in October 1990, inspired by an interesting juxtaposition between two events., This time, in my fourth decade of memo-writing, I’m going to devote a few more paragraphs to tennis., In my memo Liquidity (March 2015), I included an insight from my son Andrew., The Role of Risk Bearing I’m going to conclude this memo using my favorite graph., In my memo What Really Matters?
I Beg to Differ
The Essential Difference In 2006, I wrote a memo called Dare to Be Great., Thus, in 2014, I followed up on 2006’s Dare to Be Great with a memo creatively titled Dare to Be Great II., And yet, as I mentioned in my January memo, Selling Out, the S&P 500 has returned about 10½% a year on average over that century-plus., Ever since I quoted Bill Miller in that memo, I’ve been impressed by his formulation that “it’s time, not timing” that leads to real wealth accumulation., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Coming into Focus
Roughly two months have passed since my last memo, Time for Thinking, and still not much has changed in the economy or the markets., Thus, I’m going to use this memo to go into greater detail on a few topics., I touched on a few of them in my last memo, but I’m going to undertake a fuller treatment of the subject here., October 13, 2020 Legal Information and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
QLR - 2Q2022
Bruce Karsh Co-Chairman, Chief Investment Officer Pedro Urquidi Global Co-Portfolio Manager, Global Opportunities Robert O'Leary Global Co-Portfolio Manager, Global Opportunities the roundup: To p Ta keaways From Oaktree’s Q u a rterly Letters 2Q2022 oaktree insights - 2 - In today’s u n c e rtain environment, we’re reminded of a quote from Wa r ren Buffett that Howard included in his memos It’s All Good (July 2007) and The Tide Goes Out (March 2008): “It's only when the tide goes out that you find out who’s b e e n s w i m m i n g n a k e d .”
I Beg to Differ
The Essential Difference In 2006, I wrote a memo called Dare to Be Great., Talk about simple – in the memo, I reduced the issue to a single sentence: “This just in: You can’t take the same actions as everyone else and expect to outperform.”, Thus, in 2014, I followed up on 2006’s Dare to Be Great with a memo creatively titled Dare to Be Great II., And yet, as I mentioned in my January memo, Selling Out, the S&P 500 has returned about 10½% a year on average over that century-plus., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
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., Finally, there’s what John Kenneth Galbraith called “the extreme brevity of the financial memory.”, 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., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Time for Thinking
My memo writing followed suit: one a week for the first six weeks, and a total of ten over 18 weeks., After starting off at that rapid clip, I haven’t issued a memo in more than a month – which might seem like a long interval until you realize the norm in recent years has been only one per quarter., All Rights Reserved Follow us: the end of this memo for postscript in which I discuss the significance of that reported 32.9% decline.), However, thinking about the results in connection with writing this memo raised some questions: • I had immediately assumed Q2 GDP was down $1.81 trillion, or 32.9%, from Q2 of last year., This memorandum is being made available for educational purposes only and should not be used for any other purpose.