Howard Marks：The Most Important Thing, Excerpt 10

It also holds that since investors can’t add to returns through active management, the only way to increase returns is by accepting more risk. This makes great sense with regard to markets that are efficient. And it highlights a final attraction of less efficient markets: that risk and return need not be so perfectly correlated. Thus, in inefficient markets, “low risk” doesn’t have to mean “low return.” In fact, I think our team’s greatest accomplishment is having demonstrated over a long period of time that low risk and high returns can go hand in hand (and, in fact, that low risk can lead to higher returns). Because of my views on market efficiency and its ramifications, I made a conscious decision 25 years ago to work exclusively in markets I believe are inefficient.

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

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