240 results for "memo":
Showing 231 - 240 of 240 results
Further Thoughts on Sea Change
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Further Thoughts on Sea Change In May, I wrote a follow-up memo to Sea Change (December 2022) that was shared exclusively with Oaktree clients., Finally, there’s what John Kenneth Galbraith called “the extreme brevity of the financial memory.”, As I mentioned in my December memo, the 13 years in question were a difficult, dreary, low-return period for credit investors, including Oaktree., When I got home, I wrote the memo and began to discuss its thesis., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
Time for Thinking
My memo writing followed suit: one a week for the first six weeks, and a total of ten over 18 weeks., After starting off at that rapid clip, I haven’t issued a memo in more than a month – which might seem like a long interval until you realize the norm in recent years has been only one per quarter., All Rights Reserved Follow us: the end of this memo for postscript in which I discuss the significance of that reported 32.9% decline.), However, thinking about the results in connection with writing this memo raised some questions: • I had immediately assumed Q2 GDP was down $1.81 trillion, or 32.9%, from Q2 of last year., This memorandum is being made available for educational purposes only and should not be used for any other purpose.
coming-into-focus
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Coming into Focus Roughly two months have passed since my last memo, Time for Thinking, and still not much has changed in the economy or the markets., Thus, I’m going to use this memo to go into greater detail on a few topics., I touched on a few of them in my last memo, but I’m going to undertake a fuller treatment of the subject here., 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
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition
Private credit based on Oaktree observations in the market, as of February 29, 2024. 3 Oaktree Co-Chairman Howard Marks discussed this view in detail in his recent memo, Easy Money. 4 This refers to the yield-to-two-year-call. 5 Based on Oaktree observations in the market, as of February 29, 2024. 6 Bank of America, as of January 5, 2024. 7 JP Morgan, as of February 14, 2024. 8 Based on estimates from industry peers, as of October 26, 2023. 9 Real Capital Analytics, as of February 29, 2024. 10 Refinitiv Global Focus Convertible Bond Index (USD Hedged), FTSE All-World Total Return Index (Local Currency), as of December 31, 2023. 11 Bloomberg, as of January 31, 2024. 12 BofA Global Research, as of December 31, 2023. 13 BofA Global Research, as of December 31, 2023. 14 MSCI China Index, as of January 31, 2024
Thinking About Macro
To invert the Buffett quote that began this memo, the macro future may not be knowable, but it certainly is important., 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 2002 memo of mine: You Can’t Predict.
1990-10-12-the-route-to-performance
A l l R i g h t s R e s e r v e d 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.
Oaktree Capital Management
Read More Insights Market Commentary Apr 11, 2024 Defying Gravity with Robert O’Leary, Armen Panossian, Jean-Pierre Latrille, and Janet Wang Listen Market Commentary Mar 28, 2024 The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition Read Market Commentary Mar 28, 2024 The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition Listen memos Mar 21, 2024 The Archive: You Bet!