Howard Marks：The Role of Confidence, Excerpt 5

Belief in the things listed above largely eliminated uncertainty regarding the future and contributed to an extremely high level of confidence. No one thinks that way today.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 5 · Verified：2026-10-19 · Verification：Short excerpt

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