236 results for "memo":
Showing 141 - 150 of 236 results
2014-04-08-dare-to-be-great-II
All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Dareto Be Great II In September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results., Most importantly for the purposes of this memo, how will you define success, and what risks will you take to achieve it?, In the memo I mentioned my favorite fortune cookie: “the cautious seldom err or write great poetry.”, This goes all the way back to the beginning of this memo, and each organization’s need to establish its creed., Some of this comes from my last memo, on the role of luck
2000-01-02-bubble
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: bubble.com Thebook"DevilTaketheHindmost" by Edward Chancellor does an excellent job of chronicling the history of financial speculation., * * * I will devote the rest of this memo to what certainly seems to me to be another market bubble., A l l R i g h t s R e s e r v e d 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., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree.
2012-02-15-assessing-performance-records-a-case-study
Memo to: OaktreeClients From: Howard M a r k s R e : AssessingPerformance Records – A Case Study What are the non-negotiable requirements for accurately assessing investment performance?, in my memo Pigweed, from December 7, 2006, 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., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree
2013-03-13-the-outlook-for-equities
Memo to: OaktreeClients From: Howard Marks Re: The Outlook for Equities It doesn‟t take much to get me started on a memo., I‟m not going to drag you through it again, but I will copy over parts of that memo from a year ago: . . . people have been throwing in the towel and selling stocks., Those low expectations, when combined with modest fundamental and psychological improvement, gave the S&P 500 a return of about 13% over the year since that memo was written., 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.
2013-11-26-the-race-is-on
Memo to: Oaktree Clients From: Howard Marks Re: The Race Is On I’ve written a lot of memos to clients over the last 24 years – well over a hundred., This memo is about the cycle’s first half: the manic swing toward accommodativeness., It’s primarily these latter elements – rather than securities merely getting pricier – with which this memo is concerned., Examples from the Media My preparation for writing these memos often includes amassing media citations around a central theme., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
2015-03-25-liquidity
But I think it’s worth a memo., Is it done in response to a threat that has a reasonable likelihood of materializing, or to a crisis while it is fresh in memory (“fighting the last war”)?, (Several years ago I cited Wikipedia in a memo, and Oaktree co-founder Richard Masson – a stickler for correctness – told me in no uncertain terms that it wasn’t a respectable source., * * * I started this memo by saying liquidity might not be a profound topic., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
2003-07-01-the-most-important-thing
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 : TheMostImportantThing AsImeet with clients and prospects, I repeatedly hear myself say, “the most important thing is x.”, Or is memory loss setting in?, Not only does turnover drain off your best people, but it also takes their institutional memory and leaves you bogged down in hiring and training their replacements., This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree.
On the Couch
Thus I moved to my desk to start a memo that would pull them together., This memo is my attempt to send the markets to the psychiatrist’s couch, and an exploration of what might be learned there. 2012-14: An Uncertain World In September 2012, I wrote a memo called “On Uncertain Ground.”, That means you can follow @oaktree on Twitter to receive updates about my memos, videos and speaking engagements, and to hear from others at the firm., You can also subscribe to my memos on our website, oaktreecapital.com/insights., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Further Thoughts on Sea Change
In May, I wrote a follow-up memo to Sea Change (December 2022) that was shared exclusively with Oaktree clients., Finally, there’s what John Kenneth Galbraith called “the extreme brevity of the financial memory.”, When I got home, I wrote the memo and began to discuss its thesis., October 11, 2023 Endnotes 1 All market data cited in this memo is as of May 30, 2023., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Taking the Temperature
First, I felt the memos accurately conveyed my thinking at the key turning points in that 20-year period., Thus, I said so in the memo bubble.com, which was published as 2000 began., Here’s how I put it in a memo I wrote that day: Skepticism and pessimism aren’t synonymous., This is how things stood in March 2012, when I wrote the memo Déjà Vu All Over Again., As I wrote in that same memo: What do we know?