Don’t Read Anything Else But This

Just read it……

One thing that does stick out to me that never is mentioned when people in the asset gathering business talk about the majority under performing the market is–how many are actually taking the steps to actually try to outperform?  The majority of people who are in the OPM business want to gather the assets and keep it as long as possible and collect their fees.  And how do you keep it as long as possible?  Don’t do anything out of the ordinary, slice the portfolio down to a level where nothing will make a significant difference and manage expectations.

 

“Most “agents”–those who invest the money of others — will benefit little from bold decisions that work but will suffer greatly from bold decisions that fail.  The possibility of receiving an “attaboy” for a few winners can’t balance out the risk of being the fired after a string of losers.”

Howard Marks Memo

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