Howard Marks：Dare to Be Great II, Excerpt 6

Any attempt to compile superior investment results has to entail acceptance of the possibility of being wrong. The matrix on page two shows that since conventional behavior is sure to produce average performance, people who want to be above average can’t expect to get there by engaging in conventional behavior. Their behavior has to be different. And in the course of trying to be different and better, they have to bear the risk of being different and worse. That truth is simply unarguable. There is no way to strive for the former that doesn’t require bearing the risk of the latter. The truth is, almost everything about superior investing is a two-edged sword: If you invest, you will lose money if the market declines. If you don’t invest, you will miss out on gains if the market rises.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-ii.pdf
Locator：Memo, excerpt 6 · Verified：2026-10-19 · Verification：Short excerpt

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