For young adults that are facing the open world of possibilities, Interyear Fellowship can offer a safe place for them to dedicate a year of searching in a focused setting. My hope is that through establishing strong spiritual practices rooted in Christian history, these young adults will be equipped with the resources they need to live a life defined by the pursuit of loving God and others. They will have the opportunity to ask the difficult questions and the time to explore the answers.

Today, National Labor Relations Board General Counsel Jennifer Abruzzo issued a memorandum to all field offices, committing to working closely with other federal agencies to fully effectuate the mission of the National Labor Relations Act (NLRA). In the memo, the General Counsel responds to recommendations recently outlined in the White House Task Force on Worker Organizing and Empowerment report with her plans for strengthening partnerships and encouraging field offices to foster partnerships locally.


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Established in 1935, the National Labor Relations Board is an independent federal agency that protects employees from unfair labor practices and protects the right of private sector employees to join together, with or without a union, to improve wages, benefits and working conditions. The NLRB conducts hundreds of workplace elections and investigates thousands of unfair labor practice charges each year.

In May, I wrote a follow-up memo to Sea Change (December 2022) that was shared exclusively with Oaktree clients. In Further Thoughts on Sea Change, I argued that the trends I had highlighted in the original memo collectively represented a sweeping alteration of the investment environment that called for significant capital reallocation. This memo was originally sent to Oaktree clients on May 30, 2023.1

The 13-year period from the beginning of 2009 through the end of 2021 saw two rescues from financial crises, a generally favorable macro environment, aggressively accommodative central bank policies, a lack of inflation worries, ultra-low and declining interest rates, and generally uninterrupted investment gains. The question, of course, is whether investors should expect a continuation of those trends.

Lending, credit, or fixed income investing should be correspondingly better off. As I mentioned in my December memo, the 13 years in question were a difficult, dreary, low-return period for credit investors, including Oaktree. Most of the asset classes we operate in were offering the lowest prospective returns any of us had ever seen. The options were to (a) hold and accept the new lower returns, (b) reduce risk to prepare for the correction that the demand for higher returns would eventually bring, or (c) increase risk in pursuit of higher returns. Obviously, all of these had drawbacks. The bottom line was that it was quite challenging to safely and dependably pursue high returns in a low-return world like the one we were experiencing.

My thinking about the sea change materialized mostly as I was visiting clients last October and November. When I got home, I wrote the memo and began to discuss its thesis. And at the December meeting of a non-profit investment committee, I said the following:

This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice. Oaktree has no duty or obligation to update the information contained herein. Further, Oaktree makes no representation, and it should not be assumed, that past investment performance is an indication of future results. Moreover, wherever there is the potential for profit there is also the possibility of loss.

Throughout our Nation's history, immigrants have helped the United States build the world's strongest economy. Immigrants represent the majority of our PhDs in math, computer science, and engineering, and over one quarter of all U.S.-based Nobel laureates over the past 50 years were foreign-born. Immigrants are also more than twice as likely as native-born Americans to start a business in the United States. They have started one of every four American small businesses and high-tech startups, and more than 40 percent of Fortune 500 companies were founded by immigrants or their children.

Even as we continue to seek meaningful legislative reforms, my Administration has pursued administrative reforms to streamline and modernize the legal immigration system. We have worked to simplify an overly complex visa system, one that is confusing to travelers and immigrants, burdensome to businesses, and results in long wait times that negatively impact millions of families and workers. But we can and must do more to improve this system. Executive departments and agencies must continue to focus on streamlining and reforming the legal immigration system, while safeguarding the interest of American workers.

Section 1. Recommendations to Improve the Immigration System. (a) Within 120 days of the date of this memorandum, the Secretaries of State and Homeland Security (Secretaries), in consultation with the Director of the Office of Management and Budget, the Director of the National Economic Council, the Assistant to the President for Homeland Security and Counterterrorism, the Director of the Domestic Policy Council, the Director of the Office of Science and Technology Policy, the Attorney General, and the Secretaries of Agriculture, Commerce, Labor, and Education, shall develop:

(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

The legal memo is an objective memorandum that provides you the opportunity to review and research relevant case law, investigate relevant facts using available resources, analyze those facts under that law, and impartially assess the potential outcome of a matter. The legal memo is an assignment that law firm associates are frequently asked to provide to senior attorneys.

A closed legal memo is an assignment where you are given the case law or other primary law to be used in your writing. Far more challenging is an open legal memo, where you will need to research and identify the relevant law, investigate and analyze the most legally significant facts involving a particular client, and provide a critical assessment of how the court may apply the law to the matter.

By extension, unlike a court brief, the legal memo is not the place to wager a legal opinion or argue facts. The legal memorandum serves as an objective standalone document and identifies the risks and any unknown facts that need investigation. It should maintain an impartial tone, with no implied preference for one side or the other.

In an open legal memo, you will be tasked with researching relevant primary and secondary resources, such as from national, single, or multiple state entities, as well as appeals circuits, to include in your analysis.

Secondary sources, such as books, treatises, law reviews, legal analysis publications, and Practical Guidance are a great starting point to assist with your legal memo research. Although secondary sources are not binding on courts, meaning courts are not required to follow these sources, they are still helpful tools to use when you know little about a topic.

Use secondary resources to better fill in the main legal topics and issues as they relate to the facts in the legal memo assignment. Your legal research should help frame the issue and lead to other relevant materials, including cases and statutes.

[Research tip: Carefully review whether case law citation can be relied on in your legal memo. While a legal memo is written for internal stakeholders like the assigning attorney, and not for the court system, it may nonetheless serve as a primer for future material.]

The legal memo showcases your critical legal thinking skills. Use your research plan and research materials to help organize your analysis. Remember to clearly state the law and the facts, in the active voice, and present your analysis in a logical manner.

Even with the IRAC legal memo format (Issue, Rule, Application, and Conclusion), it can be a challenge to write with precision. For example, it may not be clear which details to include in the statement of facts. Skilled legal memo writers often begin with the discussion. With complementary considerations of legal authority and factual criteria, this section clarifies the most legally significant facts and informs other earlier sections like the question presented and brief answer.

Across all stages, Bloomberg Law provides a vast trove of articles and resources to assist you in preparing your legal memo. Whether this is your first or fiftieth legal memo assignment, you can showcase clear and impartial legal analysis in your legal memo and other writing assignments in ways that establish you as a strong legal mind.



Operations Memoranda, also known as "ops memos," begin with the prefix "OPS," followed by the last two digits of the year, month, and ops memo number. Operations memoranda are written by OIM staff to inform county assistance office staff of new policies and updates to current policies. They may be applicable to one or multiple subject areas and outline procedures regarding one or multiple subject areas. They introduce and/or supplement OIM policy and may contain subject matter independent of OIM policy and procedures found in the Policy Handbooks and Manuals. 


Over the next few years, one of the most important questions we will face is the scale and scope of government action on climate change, which will generally define the speed with which we move to a low-carbon economy. This challenge cannot be solved without a coordinated, international response from governments, aligned with the goals of the Paris Agreement.

We believe that when a company is not effectively addressing a material issue, its directors should be held accountable. Last year BlackRock voted against or withheld votes from 4,800 directors at 2,700 different companies. Where we feel companies and boards are not producing effective sustainability disclosures or implementing frameworks for managing these issues, we will hold board members accountable. Given the groundwork we have already laid engaging on disclosure, and the growing investment risks surrounding sustainability, we will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them. ff782bc1db

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