I Beg To Differ
The Memo by Howard Marks
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Oak Tree - The Short Term
Investors can profitably diverge from the pack by blocking out short term conce s and maintaining a lazer focus on long term capital deployment. By encouraging managers to make potentially embarrassing, out of favor investments, feduciaries increase the likelihood of investment success. Most investors fuss over expectations regarding short term phenomena, but i wonder whether they actually do much about their concerns. Oak tree is probably in the extreme minority in its re indifference to makrol projections, especially regarding the short term.
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