Post #1782 by Aussi on the Mechanical Investing board

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Howard Marks latest memo has some discussion on success.

Investors must accept that success is likely to stem from making a large number of investments, all of which you make because you expect them to succeed, but some portion of which you know won’t. You have to put it all out there. You have to take a shot. Not every effort will be rewarded with high returns, but hopefully enough will do so to produce success over the long term. That success will ultimately be a function of the ratio of winners to losers, and of the magnitude of the losses relative to the gains.<?b> But refusal to take risk in this process is unlikely to get you where you want to go.

Interestingly to me, he does not define success compared to a benchmark.

The article is on Seeking Alpha but can also be found at Oaktree.

https://seekingalpha.com/article/4684685-latest-me...

Aussi

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