Howard Marks：The Most Important Thing, Excerpt 3

As expressed by David Swensen of Yale, “. . . investment success requires sticking with positions made uncomfortable by their variance with popular opinion. Casual commitments invite casual reversal, exposing portfolio managers to the damaging whipsaw of buying high and selling low.” You may wonder from time to time about the high level of confidence exhibited by your managers. But bear in mind that the most profitable investments are unconventional, and maintaining unconventional positions can be lonely. When you buy something you think is cheap and then see its price fall, it takes a strong ego to conclude it’s you who’s right, not the market.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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