Howard Marks：The Role of Confidence, Excerpt 1

Confidence is generally defined as belief in one’s ability to choose a course of action and execute on it. Although it’s not part of the definitions I’ve consulted, I think confidence also connotes optimism (at least it does among investors). Finally, there’s an element of certainty: beyond an optimistic view of the future, there’s conviction that view is correct. Taken together, the ingredients I see in confidence – belief, optimism and certainty – combine to create a feeling of well-being. Confident investors are sure big returns lie ahead.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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