2005-06-06-a-case-in-point

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 : ACaseinPoint Lastmonth, my memo “There They Go Again” discussed investors’ propensity to repeat certain classic mistakes., Anyway, this isn’t a memo about convertible arbitrage, but about investors’ persistent mistakes., A l l R i g h t s R e s e r v e d 7 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.

2011-07-21-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., 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

2013-02-21-high-yield-bonds-today

Memo to: OaktreeHighYieldBondClients From: HowardMarksandSheldonStone Re: HighYieldBondsToday Clientsoftenaskforourviewsonthehighyieldbondmarket: “Do we think prices are too high?”, (This is in essence what Howard concluded in his most recent memo, “Ditto.”), Important Legal Information and Disclosures This memorandum expresses the views of the authors as of the date indicated and such views are subject to change without notice., This memorandum is being made available for informational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, posted, transmitted, distributed, disseminated or disclosed, in whole or in part, to any other person in any way without the prior written consent of Oaktree

The Pendulum in International Affairs

As regular readers of my memos and books know, I’m strongly interested in – you might say obsessed with – the concept of the pendulum., People frequently ask what caused me to start writing memos in 1990., Over the years, many memos have been prompted by connections I sensed between ostensibly unconnected events., Thus the inspiration for this memo., But I think juxtaposing them is informative . . . and worthy of a memo.

Thinking About Macro

. – Warren Buffett Regular readers of my memos know that Oaktree and I approach macro forecasts with a high degree of skepticism., That’s why I’m devoting a memo to a subject I largely disavow., As a result, I wrote a memo saying the market needed a trip to a psychiatrist (On the Couch, January 14, 2016)., I concluded my 2016 memo What Does the Market Know?, The answer lies in the title of a 2001 memo of mine: You Can’t Predict.

investing-in-credit-today

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Behind the Memo - Fewer Losers, or More Winners?

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What Really Matters

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: What Really Matters?, I’ve gathered a few ideas from several of my memos this year – plus some recent musings and conversations – to form the subject of this memo: what really matters or should matter for investors., One of the recurring themes in my memos is the idea that the quality of a decision cannot be determined from the outcome alone., 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