Howard Marks：Dare to Be Great II, Excerpt 4

Of course it’s not that easy and clear-cut, but I think that’s the general situation. If your behavior and that of your managers is conventional, you’re likely to get conventional results – either good or bad. Only if your behavior is unconventional is your performance likely to be unconventional . . . and only if your judgments are superior is your performance likely to be above average. For those who define investment success as being “average or better,” three of the four cells of the matrix represent satisfactory outcomes. But if you define success strictly as being superior, only one of the four will do, and it requires unconventional behavior. More from the 2006 memo: The bottom line on striving for superior performance has a lot to do with daring to be great.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-ii.pdf
Locator：Memo, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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