Howard Marks：Risk, Excerpt 5

Underperformance – Let’s say an investment manager knows she can’t get more money from a client no matter how well she does, but she’s sure she’ll lose the account if she fails to keep up with some index. That’s “benchmark risk,” and she can eliminate it by emulating the index. But every investor who’s unwilling to throw in the towel on outperformance, and who chooses to deviate from the index in its pursuit, will have periods of significant underperformance. In fact, since many of the best investors stick most strongly to their approach – and since no approach will work all the time – the best investors can have some of the greatest periods of underperformance.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2006-01-19-risk.pdf
Locator：Memo, excerpt 5 · Verified：2026-10-19 · Verification：Short excerpt

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