There They Go Again…Again – Howard Marks Memo

Some of the memos I’m happiest about having written came at times when bullish trends went too far, risk aversion disappeared and bubbles inflated. The first and best example is probably “bubble.com,” which raised questions about Internet and e-commerce stocks on the first business day of 2000. As I tell it, after ten years without…

How To Anticipate And Avoid Pitfalls – Howard Marks

With the stock market reaching all time highs, maybe it’s a good time to revisit Howard Marks’ memo of 2005 in which he discusses market trends being taken to excess – and the painful consequences that become clear in hindsight. Here’s an except from that memo: “The farther backward you can look, the farther forward…

Lines in the Sand – Howard Marks Memo to Oaktree Clients

In my 2016 year-end review, which went only to clients, I included a discussion of the use of subscription lines by closed-end funds in areas such as private equity, real estate, distressed debt and private credit.  It’s my impression that their use has become fairly pervasive in recent years, and in response to clients’ requests…