306 results for "memo":
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Conversations - Full Return World - Transcript
Howard, why were you interested in writing a follow-up to your memo, Sea Change?, And of course, the original Sea Change thesis came out of client visits that I made in October and November, and then the memo was released in December., I’ve never written a memo before that talked about something of the magnitude of the sea change that I think we’re going through., Anna So the last specific question I’ll ask about this memo, Howard, is for you, and it’s about capital allocation because it’s obviously a big part of the memo Further Thoughts on Sea Change., I discussed this in a memo called Race to the Bottom in February ’07, which unfortunately turned out to be right in the Global Financial Crisis.
What’s Going on in Private Credit? (Audio)
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state.
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.
Nobody Knows (Yet Again) (Audio)
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy.
Open and Shut
Memo to: OaktreeClients From: Howard M a r k s R e : OpenandShut MarkTwain is described as having said, “History doesn’t repeat itself, but it does rhyme.”, I’m willing to try an experiment along those lines for this memo., The above citations provide the themes for this memo., In short, whereas economies fluctuate a little and profits a fair bit, the credit window opens wide and then slams shut . . . thus the title of this memo., The Ramifications In 2003, my memo “What’s Going On?”
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.
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., – Mark Twain As I mentioned in my recent memo Thinking About Macro, in the 1970s we used to describe an economist as “a portfolio manager who never marks to market.”, All Rights Reserved Follow us: * * * In a 2001 memo called What’s It All About, Alpha?
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.