The Memo by Howard Marks cover image

The Rewind: Us and Them

The Memo by Howard Marks

CHAPTER

What Does Yesterday's Performance Tell You?

I think that people impute intelligence to the market. We've been in business 26 years at oak tree. And we've had 25 strategies for 35 years. So we probably have, what's that about, a thousand years of strategy history. The performance is not always the direct result of one factor in either direction. But more importantly, people say things like, what did yesterday's performance tell you? What did it tell you to do? I'm trying to remember.

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