292 results for "memo":
Showing 101 - 110 of 292 results
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.
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.
Mr. Market Miscalculates
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Mr., I referred them to my 2016 memo On the Couch., I wrote over 33 years ago, in only my second memo: The mood swings of the securities markets resemble the movement of a pendulum. . . ., It’s highly applicable to the market tremor that inspired this memo.
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.
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
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 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?
The Folly of Certainty
Memo to: Oaktree Clients From: Howard Marks R e: The Folly of Certainty The impetus for my memos can come from a wide variety of sources., 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., 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., A L L R I G H T S R E S E R V E D 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.
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 . . ., Back to the Original Question I’ll move toward ending this memo by turning to the question I mentioned at the outset: Is the recent underperformance of value investing a temporary phenomenon?, 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.