《最重要的事》

As I meet with clients and prospects, I repeatedly hear myself say, “the most important thing is x.” And then ten minutes later it’s, “the most…

Hopefully, if I offered to sell you my car, you’d ask the price before saying yes or no. Deciding on an investment without carefully considering…

As expressed by David Swensen of Yale, “. . . investment success requires sticking with positions made uncomfortable by their variance with popular…

Warren Buffett constantly stresses “margin of safety.” In other words, you shouldn’t pay prices so high that they presuppose (and are reliant on)…

Our goal is to generate performance that is average in good times (although we’ll accept more) and far above average in bad times. If in the long run…

Ignoring cycles and extrapolating trends is one of the most dangerous things an investor can do. People often act as if companies that are doing well…

At Oaktree we try to sit on our hands. We don’t go out with a “buy list”; rather, we wait for the phone to ring (while we do our research and…

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…

I believe strongly that some markets are quite efficient, meaning the collective actions of informed, diligent investors tend to make assets in those…

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…

Given the vagaries involved in the investment process – and they are legion – a thorough understanding based on high quality communications is key in…

We always have placed great emphasis on preventing turnover, and the results are visible – in the very small number of senior professionals who…

First, conflicts of demeanor or style can have a very negative effect on cohesiveness. In the bull market, the aggressive partner says, “That wet…

To be able to do all of these things simultaneously, it helps to have a set of guiding principles and a well-thought-out approach. With these you can…