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2015-09-09-its-not-easy.pdf

oaktreecapital.com · 7,862 words · saved by 1 readers

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Memo to: Oaktree Clients From: Howard Marks Re: It’s Not Easy In 2011, as I was putting the finishing touches on my book The Most Important Thing, I was fortunate to have one of my occasional lunches with Charlie Munger. As it ended and I got up to go, he said something about investing that I keep going back to: “It’s not supposed to be easy. Anyone who finds it easy is stupid.” As usual, Charlie packed a great deal of wisdom into just a few words. Let’s take the first six: “It’s not supposed to be easy.” While it’s pretty simple to achieve average results,…

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