300 results for "memo":
Showing 81 - 90 of 300 results
Easy Money
I received excellent feedback on the memo from clients – encouragement that prompted 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.
Cockroaches in the Coal Mine
© 2025 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Cockroaches in the Coal Mine Pardon the mixed metaphor, but I couldn’t resist., As I mentioned in my memo Gimme Credit in March, the thing people have asked me about most often over the last few years is private credit., As I pointed out in my memo What Does the Market Know?, Investors’ risk tolerance grows, and they tend to focus less on due diligence and more on bidding aggressively for deals (see my memo The Race to the Bottom, February 2007)., One I haven’t mentioned since my memo The Long View in 2009 is the “bezzle,” a concept Galbraith introduced in his book The Great Crash 1929.
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 Archive: You Bet!
In his 2020 memo You Bet!, , the first release from The Memo by Howard Marks: The Archive, an audio library we're creating of the memos Howard has published over the last 34 years.
It Is What It Is
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: ItIsWhat It Is My first exposure to the phrase that serves as the title for this memo came in 1995, a few days before Oaktree opened its doors., I took Peter’s use of the phrase in 1995 – and I’m using it in this memo – to mean something very different: recognition and acceptance of today’s givens . . . but not necessarily of the end result., In November 2004 I wrote a memo entitled “Risk and Return Today.”, Mark Cutis of Shinsei Bank sent me his memo entitled, “Market of no fear!”, I think a few of them – plus some comments from Warren Buffett’s latest annual report – can be woven into something of relevance to this memo and of interest to you.
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.”)
The Role of Confidence
That’s what this memo is about., Confidence Today Back in September, I wrote a memo entitled “On Uncertain Ground.”, In mid-2007 I was working on a memo with the projected title “The Mother of All Cycles.”, In the memo I complained that every asset class, every asset and every region was appreciating., Thus that memo was followed by “It’s All Good . . .
Taking the Temperature
Thus, I said so in the memo bubble.com, which was published as 2000 began., In July 2007, I published the memo It’s All Good, in which I was more emphatic (and had better timing): Where do we stand in the cycle?, Here’s how I put it in a memo I wrote that day: Skepticism and pessimism aren’t synonymous., This is how things stood in March 2012, when I wrote the memo Déjà Vu All Over Again., As I wrote in that same memo: What do we know?
AI Hurtles Ahead
© 2026 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: AI Hurtles Ahead When I was preparing to write my December memo about artificial intelligence, Is It a Bubble?, I recently returned to those people to follow up on the December memo., This resulting memo is intended as an addendum to December’s., I could have saved myself a lot of time by asking Claude to write this memo, but I decided not to, because I consider putting words on paper a big part of the fun., As I wrote in my December memo, there’s certainly great enthusiasm for AI businesses.