Howard Marks：The Most Important Thing, Excerpt 9

I believe strongly that some markets are quite efficient, meaning the collective actions of informed, diligent investors tend to make assets in those markets sell where they should. Assets become priced such that their prospective returns are fair relative to the perceived risk – but only fair. Clearly, if assets are priced fairly, it’s hard to find bargains. And if it’s hard to find bargains, there’s no reason to go to the trouble (and expense) of active management. In efficient markets, few investors are capable of regularly outperforming the benchmarks and each other, and the range of investor performance is quite tight.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 9 · Verified：2026-10-19 · Verification：Short excerpt

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