Behind the Memo: Fewer Losers, or More Winners?
Sep 20, 2023•31 min•Ep. 45
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Summary
Howard Marks discusses his memo, "Fewer Losers, or More Winners," exploring the balance between offense and defense in investing. Using tennis as an analogy, Marks highlights the importance of understanding one's skill level and risk tolerance to determine whether to focus on avoiding losers or seeking more winners. He emphasizes that there's no universally correct answer, but it's a fundamental question every investor should consider.Episode description
In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors – like tennis players – need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try to avoid the losers?
You can listen to Fewer Losers, or More Winners? in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/fewer-losers-or-more-winners).
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