One of the reasons people in the investment community respect Howard Marks so much is he says what he believes and lets the chips fall where they may. His observations are always insightful, and over the years have become popular, but what really set him apart were his big contrarian observations, such as the Amazon dot Bomb in 1999.
I did not get to his recent What Really Matters? until this week, but it is classic Marks, filled with insights, big and small.
His first book was titled “The Most Important Thing,” but I appreciate the “inversion” here, thinking about all of the things that DON’T matter:
What Doesn’t Matter
The Trading Mentality
Marks adds: “What really matters is the performance of your holdings over the next five or ten years (or more) and how the value at the end of the period compares to the amount you invested and to your needs.”
You should delve into the discussion in its entirety — it’s well worth your time.
Back with more wonky employment goodness tomorrow…
What Really Matters? (Oaktree Capital, November 22, 2022)
The Illusion of Knowledge (Oaktree Capital, September 2022),
I Beg to Differ (Oaktree Capital, July 2022),
MIB: Howard Marks, Oaktree Capital (October 6, 2018)
Howard Marks on What Matters Most (February 22, 2017)