289 results for "memo":
Showing 81 - 90 of 289 results
Easy Money
I received excellent feedback on the memo from clients – encouragement that pro mpted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., The relevance of The Price of Time to the trends I’ve been discussing for the last year occasions this memo, As I asked at the time in my memo There They Go Again . . ., Thus, I wrote as follows in my memo You Can’ t Predict.
Open and Shut
Memo to: OaktreeClients From: Howard M a r k s R e : OpenandShut MarkTwain is described as having said, “History doesn’t repeat itself, but it does rhyme.”, I’m willing to try an experiment along those lines for this memo., The above citations provide the themes for this memo., In short, whereas economies fluctuate a little and profits a fair bit, the credit window opens wide and then slams shut . . . thus the title of this memo., The Ramifications In 2003, my memo “What’s Going On?”
The Race to the Bottom
But there are other ways to cheapen your money, and they’re the primary subject of this memo, UThe Auction’s On While the last few years have given me many opportunities to marvel at excesses in the capital markets, in this case the one that elicited my battle cry – “that calls for a memo” – hit the newspapers in England during my last stay., Now, I am no expert on the UK mortgage market, and it’s my intention in this memo to comment on general capital market trends, not any one sector., As is often the case, I could have made this a shorter memo by simply invoking my two favorite quotations, both of which have a place here., This memo can be summed up simply: there’s a race to the bottom going on, reflecting a widespread reduction in the level of prudence on the part of investors and capital providers.
Nobody Knows II
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Nobody Knows II I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction., So please read this memo as of Sunday afternoon – whatever the markets have done since – and let me show how I assess the recent events, * * * I last used this memo title on September 19, 2008, two days after Lehman Brothers’ bankruptcy filing., I’ve had a ready answer, thanks to something from my January memo, You Bet!, The one that stayed with me most – and that I’ve used a lot since the memo was published on January 13 – is this one: An expert in any field will have an advantage over a rookie.
The Illusion of Knowledge
It was that lunch that started me thinking about writing yet another memo on the futility of macro forecasting., Shortly after starting on this memo, I received my regular weekly edition of Morgan Housel’s always-brilliant newsletter., I found Ferguson’s article so relevant to the subject of this memo that I’m including a link to it here., – Mark Twain As I mentioned in my recent memo Thinking About Macro, in the 1970s we used to describe an economist as “a portfolio manager who never marks to market.”, All Rights Reserved Follow us: * * * In a 2001 memo called What’s It All About, Alpha?
The Rewind - You Can't Predict. You Can Prepare.
Howard looks back on this memo, originally published on November 20, 2001.
The Rewind - Dare to Be Great
Howard reflects on this memo originally published on September 7, 2006.
The Pendulum in International Affairs
Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring.
Mr. Market Miscalculates
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr.
The Value of Predictions, or Where'd All This Rain Come From?
A l l R i g h t s R e s e r v e d Memo to: Clients From: HowardMarks,TCW Re: TheValueof Predictions, or Where'd All This Rain Come From?, The motivation for this memo came as I considered the extraordinary amount of precipitation the West has experienced this year -- and newspaper articles of a couple of months ago.