223 results for "memo":

Showing 41 - 50 of 223 results

2002-07-26-quo-vadis

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 : Q u o V a d i s ?, I've been cautious for a long time – in fact, I don't remember ever having written a bullish piece on stocks – and this memo is unlikely to be any different., A l l R i g h t s R e s e r v e d 9 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.

2006-03-27-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., 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 recently heard a speech in which a top buyout manager said his fund’s goal (per my memory) is to buy companies at fair prices and make them worth more., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

2006-06-13-returns-absolute-returns-and-risk

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Returns,AbsoluteReturns and Risk UWhat’s In a Name?, My memos often touch on the subject of investors’ foibles, one of the worst of which consists of their tendency to pay too much attention to labels (and too little to substance), UAbsolute-Return Investing My memos are often sparked by something I stumble on, and this one is no exception., When I wrote the memo “Risk” in February, I thought I had hit on something when I observed that risk is not measurable even after the fact., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

2007-09-10-now-its-all-bad

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: NowIt’sAllBad?, It all reminds me of a point I made in my second memo, “First Quarter Performance” (April 1991): Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there., A l l R i g h t s R e s e r v e d 15 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.

2013-08-05-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 . . .

Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Economic Reality Addendum, June 13: There’s been a lot of response since the memo that follows was originally published on May 26., That’s what caused me to write the memo: in politics and government – unlike the real world – the word “or” often goes out the window, replaced by “and.”, I wrote this memo to help readers understand why, The realities of economics are the subject of this memo., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Seven Worst Words in the World

Rather, the goal of the book, as with my memos, is to share how I think, this time on the subject of cycles., One of the memos I’m happiest about having written is The Race to the Bottom from February 2007., Thus the idea for this memo came from the seven worst words in the investment world: “too much money chasing too few deals, But these are my conclusions, and they’re the reason for this memo at this time, This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Easy Money

I received excellent feedback on the memo from clients – encouragement that prompted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., 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., The first is the extreme brevity of the financial memory.

Lessons from Silicon Valley Bank

(However, for a caveat, please see this memo’s last few paragraphs.), A Word on Regulation In March 2011, in the aftermath of the GFC, I published a memo called On Regulation ., April 17, 2023 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

Something of Value

I’ve heard a variety of views, and while I have my own, I don’t want to make it the subject of this memo., The Value Mentality in Action Back in 2017, my memo There They Go Again . . ., My conversations with Andrew over the ten months of the pandemic have represented a “voyage of discovery” and culminated in this memo., I hope you’ll find this memo interesting and helpful, and I wish you all the best in 2021., This memorandum is being made available for educational purposes only and should not be used for any other purpose.