Howard Marks：The Most Important Thing, Excerpt 8

In our funds over the years, we’ve made numerous successful investments that weren’t foreseen when the funds were formed. I think the key to bridging this gap is to be very specific about your philosophy, goals and investment style, and to restrict as little as possible the specific strategies and tactics you’ll employ. Once a manager has earned the trust of his (or her) clients, he may be granted leeway to change tactics so as to be able to adapt to changing market conditions. And clients can be confident that they’ll get the investing style they want without limiting the tactics used to get it.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 8 · Verified：2026-10-19 · Verification：Short excerpt

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