236 results for "memo":

Showing 161 - 170 of 236 results

2004-05-07-us-and-them

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: UsandThem As a kid, I – and probably you – viewed the world in simple terms., In my memo “Returns and How They Get That Way” (November 2002), I gave examples from a brilliant dichotomization propounded by Nicholas Taleeb., So please bear with me; I’m really an equal opportunity memo writer, 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.

2006-07-12-you-cant-eat-irr

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: YouCan’tEatIRR Untilratherrecently – certainly up to the early 1980s – “investing” was largely synonymous with “stocks and bonds.”, – Real-Life Example #3 Just as this memo was about to go to print, a friend showed me the 2005 report of a fund of funds and asked what I thought of its performance., A l l R i g h t s R e s e r v e d 14 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.

2008-03-18-the-tide-goes-out

 Memo to: OaktreeClients From: Howard M a r k s Re: TheTideGoesOut Foreveryperiod,there’saquotationwhichservesperfectlytoexplainwhat’s going on, and I often find myself borrowing it., You’ve seen the results in the last three memos (“No Different This Time,” “Now What?”, In my December memo “No Different This Time” I listed twelve lessons of 2007., 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.

2008-09-19-nobody-knows

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 : Nobody K n o w s T h e t i t l e o f t h i s m emo isn’t a joke; I mean it., A l l R i g h t s R e s e r v e d 8 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.

2008-10-15-the-limits-to-negativism

(I developed these thoughts last week but just wasn’t quick enough to turn them into a memo., As Bruce Karsh and I wrote ten days ago in a memo to investors in our Opportunities Funds for distressed debt, “. . . in a few years we’ll reminisce together about how easy it was to take advantage of the bargains of 2008-09.”, A l l R i g h t s R e s e r v e d 10 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.

2009-11-10-touchstones

I’ve tackled this assignment in a number of memos and a variety of ways., “Greed Is Good” There’s no debating which line from the film Wall Street is the most memorable., T h e “ I k n o w ” s c h o o l o f i n v e s t i n g h a s r e c e i v e d f r e q u e n t mention in my memos (e.g., “Us and Them,” May 7, 2004)., 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.

2011-05-25-how-quickly-they-forget

And that’s the point of this memo., Shortness of memory plays a major part in abetting these swings., The Importance – and Shortcomings – of Investment Memory A number of my favorite quotations are on the subject of history and memory, and I’ve used them all in past memos., The first is the extreme brevity of the financial memory., Why Does Investment Memory Fail?

2012-03-19-déjà-vu-all-over-again

Memo to: OaktreeClients From: Howard Marks Re: DéjàVuAll Over Again What good is history?, Regular readers know I often include time-tested quotations in my memos., The first is the extreme brevity of the financial memory., 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.

2012-06-20-its-all-a-big-mistake

Memo to: OaktreeClients From: Howard M a r k s R e : It’sAllaBigMistake Mistakes are a frequent topic of discussion in our world., Hearing Bob put it that way gave me the immediate inspiration for this memo., I’ve mentioned before the frequency with which I feel I come across a particularly apt quote just when I need it for a memo in the making., 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.

2012-11-09-a-fresh-start-hopefully

Memo t o : O a k t r e e C l i e nts F r o m: Howard M a rks Re: AFreshStart (Hopefully) For years I kept these memos away from anything related to politics., President Obama’s Reply I’m proud to share the news that on the strength of my memos, I have been asked to craft a response for President Obama on this subject., 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