I Beg To Differ
The Memo by Howard Marks
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The Cost of Being Different and Wrong
Investing entities that behave institutionally are by their nature highly likely to engage in idiosyncratic behavior. Swenson's behaviour was certainly idiosyncratic and uninstitutional, but he understood that the only way to out perform was to risk being wrong. He accepted that risk with great results. One way to diverge from the pack is to be a maverick.
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