Performing Credit Quarterly 1Q2023: Flight Risk

As our co-chairman Howard Marks noted in his most recent memo: When investors think things are flawless, optimism rides high and good buys can be hard to find.

Leaning Toward Value: Emerging Markets Equities After the Pandemic

Howard Marks, our co-chairman, penned these lines in his recent memo “Something of Value” (January 11, 2021), critiquing the often oversimplified distinction between value and growth investing.

Fewer Losers More Winner

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Fewer Losers, or More Winners?, My memos got their start in October 1990, inspired by an interesting juxtaposition between two events., In my memo Liquidity (March 2015), I included an insight from my son Andrew., The Role of Risk Bearing I’m going to conclude this memo using my favorite graph., In my memo What Really Matters?

Selling Out

As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics., Then a new idea for a memo pops up, delivering a pleasant surprise., Origins Much of what I’ll write here got its start in a 2015 memo called Liquidity., That memo evoked the strongest reaction from readers of any of my memos to date., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Anatomy of a Rally

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Anatomy of a Rally The background is well known to all, The possible reasons for the markets’ recovery are many and, as I write this memo, the list is growing as people find more things to take positively., Especially given their appeal to my cautious bias, I’ve done so plenty in recent memos., In my memo, On the Couch (January 2016), I wrote that: That’s one of the crazy things: in the real world, things generally fluctuate between “pretty good” and “not so hot.”, This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Behind the Memo - Easy Money with Howard Marks and Edward Chancellor

The Indispensability of Risk

That’s why I’ve written a memo comparing investing to sports in each of the four decades I’ve been writing memos and one connecting investing and card playing in 2020., Few people know that Bruce is a chess player, and I hadn’t thought about this fact for years, but the article provided a good reminder and moved me to dash off this memo., Relevant lessons from sports (included in past memos) are easily accessed and also very helpful: “You miss 100% of the shots you don’t take.” – Wayne Gretzky, NHL Hall of Famer “You have to give yourself a chance to fail.” – Kenny “The Jet” Smith, two-time NBA champion I’ll sum up with a paragraph from my memo of last September, Fewer Losers, or More Winners?, April 17, 2024 Legal Information and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Memo: Investing Without People

The Memo: You Bet!

The Folly of Certainty

It’ll be another of my “shortie” memos given the uncertain shelf life of the Biden candidacy., One is the extreme brevity of the financial memory. ” I often cite this factor, too, While these memos were on one of my favorite topics, they generated little response., Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo., This memorandum is being made available for educational purposes only and should not be used for any other purpose.