The Memo by Howard Marks cover image

The Rewind: Us and Them

The Memo by Howard Marks

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The Characteristics of Successful Investors

In today's trend toward hedge funds, i see a growing preference, whether conscious or unconscious, for investors over them. Consistent risk, conscious, non market based investing is enjoying great popularity right now. In order for us to be contrarians, there has to be someone to be contrary too. If everyone invested our way, the opportunities we prize would be few and far between. The best opportunities for investment returns aren't created by companies, exchanges or paper securities. They result from the mistakes other investors make. It's oak tree's job to take advantage of they. School. Enjoy averaging up. Let it ride.

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