Howard Marks：The Most Important Thing, Excerpt 13

First, conflicts of demeanor or style can have a very negative effect on cohesiveness. In the bull market, the aggressive partner says, “That wet blanket’s holding us back.” In the bear market, the cautious partner says, “That animal’s getting us killed.” Many of Wall Street’s greatest flare-ups have been attributed to “culture clashes,” such as the mid-1980s battle between traders and investment bankers that brought Lehman Brothers’ independence to an end. I can honestly say that all of Oaktree’s leaders subscribe equally to the principles on which our firm operates.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2003-07-01-the-most-important-thing.pdf
Locator：Memo, excerpt 13 · Verified：2026-10-19 · Verification：Short excerpt

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