307 results for "memo":

Showing 151 - 160 of 307 results

Is It a Bubble?

 © 2025 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Is It a Bubble?, During my visits to clients in Asia and the Middle East last month, I was often asked about the possibility of a bubble surrounding artificial intelligence, and my discussions gave rise to this memo., I took the quote that opens this memo from Derek Thompson’s November 4 newsletter entitled “AI Could Be the Railroad of the 21 st Century., As I wrote in my January memo On Bubble Watch, bubbles are temporary manias in which developments in those areas become the subject of what former U.S., Derek Thompson, who supplied the quote with which I opened this memo, ended his newsletter with some terrific historical perspective: The railroads were a bubble and they transformed America.
There They Go Again

A l l R i g h t s R e s e r v e d Memo t o : O a k t r e e C l i ents F r o m: Howard M a r k s R e : ThereTheyGoAgain Contributingto...euphoriaaretwofurtherfactorslittlenotedinourtime orinpasttimes., * * * Lately I’ve been speaking a lot from my last general memo, “Risk and Return Today” (October 27, 2004)., I was pleased to get a letter from Peter Bernstein in response to my memo, in which he said something wonderful: “The market’s not a very accommodating machine; it won’t provide high returns just because you need them, ” * * * If you look back at the recurring mistakes listed at the beginning of this memo, you’ll see some common threads.
Lines in the Sand

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Lines in the Sand In my 2016 year-end review, which went only to clients, I included a discussion of the use of subscription lines by closed-end funds in areas such as private equity, real estate, distressed debt and private credit., Thus I decided to write this memo on the topic for general circulation., Remember, as I wrote in a 2006 memo with the same title, you can’t eat IRR., My basic point in that memo was that what really matters is how much money an LP makes as a result of having committed to a fund.
Is It a Bubble? (Audio)

In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?”
Cockroaches in the Coal Mine (Audio)

In his latest memo, Howard Marks examines the recent string of well-publicized credit problems.
Gimme Credit (Audio)

In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “what about credit spreads?”
BTM Fewer Losers or More Winners

 1 Transcript Insights Behind the Memo: Fewer Losers, or More Winners?, Anna Szymanski Hello, and welcome to Behind the Memo with Howard Marks., And in the memo, you explain it through tennis., And that’s where the title of the memo comes from., Anna So as always, do you have any final thoughts about this memo?
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., The motivation for this memo comes from an article in The Wall Street Journal of April 12 that my partner Bruce Karsh sent me entitled “Chess Teaches the Power of Sacrifice” by Maurice Ashley, a chess grandmaster who has been inducted into the U.S., 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?
Not Enough

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Not Enough Whatever affects one directly, affects all indirectly., I’ve struggled to write this memo, and for that reason it’s late in coming.
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 the pdf of this memo is for illustrative purposes only.