The Rewind: Dare to Be Great
The Memo by Howard Marks
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Managing to Pier Allocations
One pension plan was bold enough to let oak tree manage 70 % of its alternative portfolio. How many investors would have taken that chance? If a manager is unusually skilful, aren't you better off as her client if she manages less money rather than more? Emulating the pack cuts both ways. It's unlikely they're looking for the right allocation, but rather one insuring performance won't be far below the pack.
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