298 results for "memo":

Showing 101 - 110 of 298 results

Political Reality Meets Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Political Reality Meets Economic Reality In 2016 I wrote Economic Reality (in May) and Political Reality (in August), two memos covering subjects I thought were important and timely., The purpose of this memo is to describe what happens when political behavior collides with economic reality, as illustrated in one area where the government is taking steps – tariffs – and another in which debate among politicians is heating up – restrictions on the capitalist system., While populism is somewhat amorphous, here’s a definition for the purposes of this memo: A political philosophy supporting the rights and power of the people in their struggle against the privileged elite., And thus this section of my memo., All Rights Reserved Follow us:  On January 24, just under the wire for inclusion in this memo, Elizabeth Warren took the issue of differential taxation to its ultimate extreme: a wealth tax.
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?
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.
The Winds of Change (Audio)

Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come. 
Selling Out (Audio)

Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell.
The Rewind - Dare to Be Great II

Howard reflects on this memo originally published on April 8, 2014.
The Illusion of Knowledge (Audio)

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult.
Sea Change (Audio)

In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change of the last 50 years.
Ruminating on Asset Allocation (Audio)

In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target.