305 results for "memo":
Showing 101 - 110 of 305 results
The Race to the Bottom
But there are other ways to cheapen your money, and they’re the primary subject of this memo, UThe Auction’s On While the last few years have given me many opportunities to marvel at excesses in the capital markets, in this case the one that elicited my battle cry – “that calls for a memo” – hit the newspapers in England during my last stay., Now, I am no expert on the UK mortgage market, and it’s my intention in this memo to comment on general capital market trends, not any one sector., As is often the case, I could have made this a shorter memo by simply invoking my two favorite quotations, both of which have a place here., This memo can be summed up simply: there’s a race to the bottom going on, reflecting a widespread reduction in the level of prudence on the part of investors and capital providers.
Nobody Knows II
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Nobody Knows II I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction., So please read this memo as of Sunday afternoon – whatever the markets have done since – and let me show how I assess the recent events, * * * I last used this memo title on September 19, 2008, two days after Lehman Brothers’ bankruptcy filing., I’ve had a ready answer, thanks to something from my January memo, You Bet!, The one that stayed with me most – and that I’ve used a lot since the memo was published on January 13 – is this one: An expert in any field will have an advantage over a rookie.
Yet Again
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Yet Again?, As I said in the memo, “it’s not real” – there is no intrinsic value behind it., It’s time for caution, as I wrote in the memo, not a full-scale exodus., Thus I’ve realized the memo was diagnostic but not sufficiently prescriptive., If you believe what I said in the memo about the presence of risk today, you might want to opt for #3.
Conversation at Panmure House
In the late ’90s, I wrote a memo called What's It All About, Alpha?, In the spring of 2007, I wrote a memo called The Race to the Bottom., PS: I’d like to talk more about the memo Investing Without People., In the memo Investing Without People, there are three sections., The conversation on pp. 7-8 of this memo is for illustrative purposes only.
The Illusion of Knowledge
It was that lunch that started me thinking about writing yet another memo on the futility of macro forecasting., Shortly after starting on this memo, I received my regular weekly edition of Morgan Housel’s always-brilliant newsletter., I found Ferguson’s article so relevant to the subject of this memo that I’m including a link to it here., At the lunch described at the beginning of this memo, people were asked what they expected in terms of, for example, Fed policy, and how that influenced their investment stance., * * * In a 2001 memo called What’s It All About, Alpha?
Irrational Exuberance
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Irrational Exuberance Recent years have witnessed great excesses in the stock market., Thus I will attempt below to combine a number of ideas and bits of empirical data I've stored up over recent weeks in a memo which expresses my views and hopefully is of value to you., That being the case, I'm not going to miss the opportunity to celebrate the correctness to date of my last memo, “bubble. com.”, The table below lists the stocks mentioned in that memo and their declines from its publication at year end, and from the highs reached since then, to the April trough
The Insight Conversations - Reflections on Oaktree Conference 2026
And I wrote a memo a year ago called Gimme Credit., And Bob said essentially what we do is take advantage of the mistakes of others, and that caused me to write a memo shortly after entitled It’s All a Big Mistake., And I put out a memo called leverage plus volatili-ty equals dynamite., I’ve thought so much and I’ve written so much, I have another memo in the works right now, Harry, the tentative title is Fans and Fancies., I’m sure you’ll all be on the lookout for Howard’s next memo.
"Risk in Today's Markets" Revisited
A l l R i g h t s R e s e r v e d Memo To: Clients From: HowardS.Marks,TCW Re: "RiskinToday's Markets" Revisited Seven weeks ago, we put out a memorandum entitled "Risk in Today's Markets.", It is the purpose of this follow-up memo to review the developments of the intervening time period, attempting to make sense out of what has happened and searching for lessons that can be drawn., Hedge funds occupied a meaningful part of our February 17 memo because they were felt to exemplify (to a power of ten) the risk-tolerant behavior of investors in general.
Notes from New York
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Notesfrom New York Maybe you've already read enough about last week's events, in which case you should feel free to discard this memo., I had no plans for a memo on this subject., This memo may not include much that is new to you but, as usual, I will attempt to pull together my own thoughts and what I've heard and read elsewhere.
Selling Out (Audio)
Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell.