Howard Marks：The Most Important Thing, Excerpt 12

We always have placed great emphasis on preventing turnover, and the results are visible – in the very small number of senior professionals who have moved on to other employment in my 25 years in portfolio management, and in the investment performance that my long-term colleagues have produced. The keys have been (a) hiring team-oriented players who care about something other than just making top dollar, (b) creating a collegial environment in which such quality people will want to work, (c) avoiding stifling bureaucracy, internecine office politics, destructive competition, and overemphasis on short-term results, and (d) always sharing the fruits of our success. This is one of the few areas where there is a magic formula: be fair.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 12 · Verified：2026-10-19 · Verification：Short excerpt

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