Practical analysis for investment professionals
11 April 2014

Weekend Reads for Investors: Diverge From the Herd

Posted In: Weekend Reads

Oaktree Capital’s founder and chairman Howard Marks publishes periodic memos that are widely considered “must reads” for those in the investment industry, and his latest missive should be no exception. In “Dare to be Great II,” Marks’s follow-up to a piece penned in 2006, he shares his principles for investing success; they are remarkably simple and can be summed up in two questions he poses, “Are you willing to be different, and are you willing to be wrong?”

According to Marks, success in active investing naturally requires a certain degree of financial acumen. He asks, “Why should superior profits be available to the novice, the untutored or the lazy?” But the attributes that separate the great investors from the ordinary ones include the courage to avoid the herd and the intestinal fortitude to stick with their convictions, even if it means looking bad for a spell. It’s great advice, and Marks’ memo is a worthwhile investment of your time.

Below are some other articles and videos that caught my eye in recent weeks that may be of interest to you.

Economic Front

Strategic Thinking

High Profiles

Corporate Spending

Activists Angle

Good Governance

Please note that the content of this site should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute.

Photo credit: ©

About the Author(s)
David Larrabee, CFA

David Larrabee, CFA, was director of member and corporate products at CFA Institute and served as the subject matter expert in portfolio management and equity investments. Previously, he spent two decades in the asset management industry as a portfolio manager and analyst. He holds a BA in economics from Colgate University and an MBA in finance from Fordham University. Topical Expertise: Equity Investments · Portfolio Management

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