Making Smart Bets: Why Howard Marks Stresses Decision Process Over Outcome

Decision process vs Decision outcome

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Making Smart Bets: Why Howard Marks Stresses Process Over Outcome

Howard Marks co-founded Oaktree Capital Management, one of the largest investment firms in the world focused on distressed securities. He has built an impressive track record over his decades-long career, with Oaktree funds producing annualized returns of 19% net of fees.

Marks is particularly known for his widely-read investment "memos" that he publishes, which detail his investment strategies, insights, and views on the markets. These memos are so highly regarded that Warren Buffett has said he reads them as soon as they arrive, as he always learns something new from them.