Howard Marks：Dare to Be Great II, Excerpt 10

Most “agents” – those who invest the money of others – will benefit little from bold decisions that work but will suffer greatly from bold decisions that fail. The possibility of receiving an “attaboy” for a few 6 © Oaktree Capital Management, L.P.

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

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