295 results for "memo":
Showing 151 - 160 of 295 results
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.
The Folly of Certainty
And, with that, I had the subject of this memo: not whether Biden will continue campaigning or drop out – or whether he’ll win if he continues – but rather how anyone can be without doubt., , has supplied an interesting tidbit for this memo on the subject of economists’ conclusions: I use the Philly Fed’s Anxious Index (the probability of a decline in real GDP in the upcoming quarter) as an indicator that a recession has ended., Back in mid-2020, when the pandemic seemed to have become a more or less understood phenomenon, I slowed the pace of my memo writing from the one-a-week pattern of March and April., P.S.: Last summer’s Grand Slam tennis tournaments provided the inspiration for my memo Fewer Losers, or More Winners?, Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.
The Folly of Certainty
And, with that, I had the subject of this memo: not whether Biden will continue campaigning or drop out – or whether he’ll win if he continues – but rather how anyone can be without doubt., , has supplied an interesting tidbit for this memo on the subject of economists’ conclusions: I use the Philly Fed’s Anxious Index (the probability of a decline in real GDP in the upcoming quarter) as an indicator that a recession has ended., Back in mid-2020, when the pandemic seemed to have become a more or less understood phenomenon, I slowed the pace of my memo writing from the one-a-week pattern of March and April., P.S.: Last summer’s Grand Slam tennis tournaments provided the inspiration for my memo Fewer Losers, or More Winners?, Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.
What Does the Market Know?
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: What Does the Market Know?, ” That prompted this memo in response., The rest of this memo will be about fleshing out this theme (meaning you can stop reading here if you’ve had enough or are short on time)., If “On the Couch” wasn’t successful in convincing you this isn’t possible, this memo probably won’t be, either., I set a trap at the beginning of this memo, and I want to spring it now.
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.
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.
Sea Change
As I wrote in the memo On the Couch (January 2016), whereas events in the real world fluctuate between “pretty good” and “not so hot,” investor sentiment often careens from “flawless” to “hopeless” as events that were previously viewed as benign come to be interpreted as catastrophic.
The Best of . . .
Howard Marks October 12, 2025 The Route to Performance October 12, 1990 The Route to Performance is the first memo I wrote., The Realist’s Creed May 31, 2002 This memo serves as an acknowledgement that “I don’t know” is often the only reasonable refrain., This memo reflects my thoughts on how investment management clients might best pursue superior results., All That Glitters December 17, 2010 This memo incorporated all my thoughts about investing in gold., This memo explains that buying at a fair price doesn’t generate alpha – it’s buying at an unreasonably low one that does.