Saturday, February 11, 2012

Howard Marks on investment careers (2003)

"One of the most striking things I’ve noted over the last 35 years is how brief most outstanding investment careers are....I don’t think many investment managers’ careers end because they fail to hit home runs. Rather, they end up out of the game because they strike out too often – not because they don’t have enough winners, but because they have too many losers. And yet, lots of managers keep swinging for the fences."