Money and Finance
Link to Memo: What Does the Market Know?
- Howard Marks Memo: Inspiration From The World Of Sports
Link to Memo: Inspiration from the World of Sports I’m constantly intrigued by the parallels between investing and sports. They’re illuminating as well as fun, and thus they’ve prompted two past memos: “How the Game Should Be Played” (May 1995)...
- Howard Marks Memo: Risk Revisited Again
Link to Memo: Risk Revisited Again In April 2014, I had good results with Dare to Be Great II, starting from the base established in an earlier memo (Dare to Be Great, September 2006) and adding new thoughts that had occurred to me in the intervening...
- Howard Marks Memo: Liquidity
Link to Memo: Liquidity My wife Nancy's accusations of repetitiveness notwithstanding, once in a while I think of something about which I haven't written much. Liquidity is one of those things. I’m not sure it’s a profound topic,...
- Howard Marks On Bloomberg
Link to video: Marks: `Public Money' Supporting Risky Investments April 24 (Bloomberg) -- Howard Marks, chairman of Oaktree Capital Group LLC, talks about investment strategy, risks, and financial markets. Marks speaks with Stephanie Ruhle and...
- Howard Marks Memo: On Uncertain Ground
The world seems more uncertain today than at any other time in my life. That’s a simple sentence but one with significant implications. And it’s not just me. Here’s what The New York Times said on August 12 in an article about...
Money and Finance
Howard Marks Memo: What Does the Market Know?
Link to Memo: What Does the Market Know?
My buddy Sandy was an airline pilot. When asked to describe his job, he always answers, “hours of boredom punctuated by moments of terror.” The same can be true for investment managers, for whom the last few weeks have been an example of the latter. We’ve seen bad news and prices cascading downward. Investors who thought stocks were priced right 20% ago and oil $70 ago now wonder if they aren’t risky at their new reduced prices.
In Thursday’s memo, “On the Couch,” I mentioned the two questions I’d been getting most often: “What are the implications for the U.S. and the rest of the world of China’s weakness, and are we moving toward a new crisis of the magnitude of what we saw in 2008?” Bloomberg invited me on the air Friday morning to discuss the memo, and the anchors mostly asked one version or another of a third question: “does the market’s decline worry you?” That prompted this memo in response.
- Howard Marks Memo: Inspiration From The World Of Sports
Link to Memo: Inspiration from the World of Sports I’m constantly intrigued by the parallels between investing and sports. They’re illuminating as well as fun, and thus they’ve prompted two past memos: “How the Game Should Be Played” (May 1995)...
- Howard Marks Memo: Risk Revisited Again
Link to Memo: Risk Revisited Again In April 2014, I had good results with Dare to Be Great II, starting from the base established in an earlier memo (Dare to Be Great, September 2006) and adding new thoughts that had occurred to me in the intervening...
- Howard Marks Memo: Liquidity
Link to Memo: Liquidity My wife Nancy's accusations of repetitiveness notwithstanding, once in a while I think of something about which I haven't written much. Liquidity is one of those things. I’m not sure it’s a profound topic,...
- Howard Marks On Bloomberg
Link to video: Marks: `Public Money' Supporting Risky Investments April 24 (Bloomberg) -- Howard Marks, chairman of Oaktree Capital Group LLC, talks about investment strategy, risks, and financial markets. Marks speaks with Stephanie Ruhle and...
- Howard Marks Memo: On Uncertain Ground
The world seems more uncertain today than at any other time in my life. That’s a simple sentence but one with significant implications. And it’s not just me. Here’s what The New York Times said on August 12 in an article about...