292 results for "memo":
Showing 151 - 160 of 292 results
More on Repealing the Laws of Economics
In his latest memo, Howard Marks discusses the implications of governmental intervention in economies.
Returns Absolute Returns and Risk
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Returns,AbsoluteReturns and Risk UWhat’s In a Name?, According to the article that inspired this memo, “Today, the term ‘absolute return’ seems to be used most often to describe what wealthy individual investors have always called hedge funds.”, When I wrote the memo “Risk” in February, I thought I had hit on something when I observed that risk is not measurable even after the fact.
Lessons from Silicon Valley Bank
A Word on Regulation In March 2011, in the aftermath of the GFC, I published a memo called On Regulation ., Combine developments like these with the reality that (a) interest rates are no longer declining or near zero; (b) the Fed can’t be as accommodative as it was in the last few crises, because of today’s elevated inflation; and (c) negative developments are popping up in portfolios, and I think the case made in my previous memo, Sea Change (December 2022), has been bolstered., * * * While I don’t foresee widespread contagion – either psychological or financial – arising from the SVB failure alone, I can’t end a memo on U.S. banks without mentioning one of the biggest worries they face today: the possibility of problems stemming from loans against commercial real estate (“CRE”), especially office buildings.
Down to the Wire
Memo to: OaktreeClients From: Howard M a r k s R e : DowntotheWire Here are the ingredients in the plot: A problem everyone’s aware of., I’ve decided to devote a memo to the debt issue and its significance.
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.
How Does an Inefficient Market Get That Way
Well, this memo was occasioned by an article in "Pensions & Investments" reporting consultant SEI's recommendation that pension plan sponsors invest 10% to 30% of their fixed income portfolios in high yield bonds.
How Quickly They Forget
Memo to: Oaktree Clients From: Howard Marks Re: How Quickly They Forget In January 2004 I received a letter from Warren Buffett (how’s that for name dropping?), And that’s the point of this memo., Market Conditions Today In May 2005, I wrote a memo entitled “There They Go Again,” complaining that investors were taking excessive comfort from mindless platitude of the type that accompany and abet the creation of every bubble., In particular, in the 30 months following the publication of that memo, high yield bonds went on to return a total of 19.7%., Prudent Behavior in a Low-Return World The 2005 memo I mentioned earlier, “There They Go Again,” proceeded from the discussion of the low and flat risk/return curve contained in “Risk and Return Today” to ponder what investors might do in times of low prospective returns and risk premiums.
Déjà Vu All Over Again
Memo to: OaktreeClients From: Howard Marks Re: DéjàVuAll Over Again What good is history?, As I read it thoroughly for the first time in 33 years, my wife Nancy‟s battle cry rang out: “This calls for a memo.”, In fact, Yogi supplied the title for this memo, saying “It‟s déjà vu all over again.”, In the memo, I mentioned that California had undergone a five-year drought., One More Round I‟m amazed at how often, just as I‟m about to complete a memo, I come across the right coda with which to bring it to an end.
The Calculus of Value
What was I to do but start in on a memo?, I hope it’ll do the same for you. * * * January 2 of this year was the 25th anniversary of my memo bubble.com, the one that put my writing on the map, and I marked the occasion by publishing another memo, called On Bubble Watch., I think of assets that don’t produce operating cash flow or have the potential to do so in the future as not having earning power, and that makes them impossible to value objectively, analytically, or intrinsically (see my 2010 memo about gold, All That Glitters)., I concluded in my January memo that this was troublesome but not threatening, again mostly because the temporary mania or “irrational exuberance” that I believe accompanies – or gives rise to – most bubbles wasn’t present., Yield spreads – the amount of incremental yield investors demand if they’re going to give up the safety of Treasury securities and buy corporate debt for its higher yields – are approaching all-time lows and are less generous than they were when I wrote the memo Gimme Credit in March.
There They Go Again...Again
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: There They Go Again . . ., As I tell it, after ten years without a single response, that one made my memo writing an overnight success., Ditto In January 2013, I wrote a memo entitled “Ditto.”, The Seeds for a Boom My son Andrew worked extensively with me in preparing this memo., Most of what remains for the meat of this memo will consist of descriptions of things afoot in the markets today.