Howard Marks：The Most Important Thing, Excerpt 7

At Oaktree we try to sit on our hands. We don’t go out with a “buy list”; rather, we wait for the phone to ring (while we do our research and analysis). If we call the owner and say, “You own x and we want to buy it,” the price will go up. But if the owner calls us and says, “We’re stuck with x and we’re looking for an exit,” the price will go down. Thus, rather than initiating transactions, we react opportunistically. One of our mottos is “we don’t look for our investments; they find us.” In general, that means investing from the bottom up, not from the top down – from the list of things that are available cheap, not in things we think it’d be great to have a position in.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 7 · Verified：2026-10-19 · Verification：Short excerpt

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