Howard Marks：The Role of Confidence, Excerpt 11

The point is that no mechanical tools can enable investors to prosper under all circumstances. They can provide tilts or reduce exposures, but the tool that promises a mix of good results and great results without the possibility of bad results is too good to be true. And when excessive confidence develops in such things, investors are heading for trouble. The same is true for the Greenspan put and its successor, the Bernanke put. Alan Greenspan’s tenure as Fed chairman was marked by efforts to avoid problems by injecting liquidity and lowering interest rates. Investors put great stock in his ability to keep things moving ever upward. His policies prevented occasional corrections along the way, but the price paid was a big one: the financial crisis of 2008.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 11 · Verified：2026-10-19 · Verification：Short excerpt

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