296 results for "memo":
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"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.
Nobody Knows (Yet Again)
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy.
Ditto
When I see it recur and want to comment, I’m often tempted to dust off an old memo, update the details, and just insert the word “ditto.”, Cycles and Risk This memo is devoted to the cycle in attitudes toward risk., Risk and Return Today (2004 Version) The name of this section served as the title of a memo in October 2004., In the memo I observed that the “capital market line” connecting risk and return had become “lower and flatter.”, That memo may have been too early, but it wasn’t wrong.
Calibrating
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Calibrating I set a personal record by writing four memos in the month of March, responding to the rapidly unfolding coronavirus crisis., In this first memo of the crisis, I struck a number of themes I would return to in the following weeks: These days, people have been asking me whether this is the time to buy., Latest Update – to clients March 19, on website March 24 This memo was issued with the S&P 500 down 29% and within a few days of the low (down 34%) that would be reached on March 23., Portfolio Positioning One of the benefits I derive from writing my memos is that the more I work on a memo about something, the more it comes into focus., On the contrary, I gave this memo the title Calibrating because of my view that a portfolio’s positioning should change over time in response to what’s going on in the environment.
It’s All Good
I’ve said in the past that I consider “You Can’t Predict,” a primer on cycles, to have been one of my best¸ and also that it evoked the least response of any memo in this decade., Thus I’m offering it as a twofer with this memo; copies are available on request at no additional cost., Thus I’m going to devote this memo to the cycle that’s been underway for the last few years., In this latter regard, I’ll reprint a few paragraphs from “First Quarter Performance,” the 1991 memo cited above., To continue a thread from my last memo, “Everyone Knows,” expecting widespread clinical observation during a market mania makes about as much sense as saying “everyone knows the market has gone too far.”
Everyone Knows
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: EveryoneKnows _____________________________________________________________________________ par·a·doxn1aseemingly absurd or self-contradictory statement that is or may be true . . . 4 an opinion that conflicts with common belief., I’ve been saving up ideas for a memo about how often the investing herd is wrong and accepted wisdom should be bet against.
Doesn't Make Sense
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 : Doesn’tMakeSense Academics have their theories about market efficiency., In a memo several years ago, I listed a few phrases that have sunk into obscurity over the course of my career.
The Seven Worst Words in the World
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Seven Worst Words in the World I have a new book coming out next week titled Mastering the Market Cycle: Getting the Odds on Your Side., 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 memo can be recapped 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.
Bull Market Rhymes
They’ll be the topic of this memo., I want to mention up front that this memo has nothing to do with assessing the markets’ likely direction from here., And updating a question I asked in my memo The Happy Medium (July 2004), why has its annual return been between 8% and 12% just six times during this period?, In my 2007 memo The Race to the Bottom, I explained that when there’s too much money in the hands of investors and providers of capital and they’re too eager to put it to work, they bid too aggressively for securities and the chance to lend.
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?