Taking The Temperature
The Memo by Howard Marks
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The Importance of Balance in Investing
Oak Tree doesn't sell things we consider attractive long-term holdings to raise cash in expectation of a market decline. We usually sell because A, a holding has reached our target price, B, the investment case has deteriorated, or C, we've found something better. Our open-end portfolios are almost always fully invested. That way we avoid the risk of missing out on positive returns.
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