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One of many causes folks within the funding group respect Howard Marks a lot is he says what he believes and lets the chips fall the place they could. His observations are at all times insightful, and over time have becomeopular, however what actually set him aside had been his massive contrarian observations, such because the Amazon dot Bomb in 1999.
I didn’t get to his current What Actually Issues? till this week, however it’s traditional Marks, full of insights, massive and small.
His first e book was titled “The Most Necessary Factor,” however I respect the “inversion” right here, eager about all the issues that DON’T matter:
What Doesn’t Matter
The Buying and selling Mentality
Brief-Time period Efficiency
Volatility
Hyper-Exercise
Marks provides: “What actually issues is the efficiency of your holdings over the subsequent 5 or ten years (or extra) and the way the worth on the finish of the interval compares to the quantity you invested and to your wants.”
It’s best to delve into the dialogue in its entirety — it’s properly value your time.
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Again with extra wonky employment goodness tomorrow…
Sources:
What Actually Issues? (Oaktree Capital, November 22, 2022)
The Phantasm of Data (Oaktree Capital, September 2022),
I Beg to Differ (Oaktree Capital, July 2022),
Beforehand:
MIB: Howard Marks, Oaktree Capital (October 6, 2018)
Howard Marks on What Issues Most (February 22, 2017)
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