Excess returns require exploiting others' mistakes
Howard Marks argued that to achieve excess returns, one must buy assets for less than they're worth, which requires finding sellers who are making mistakes due to emotion, misinformation, or technical pressures.
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DORMANT · 2 MENTIONS · 2 SHOWS
- THE INSIGHT BY OAKTREE CAPITAL
- THE MEMO BY HOWARD MARKS
- Excess returns require exploiting others' mistakes · THIS IDEA
HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD