Oaktree Capital’s Howard Marks on the importance of understanding and accepting that present conditions present a low return environment: “the market is not an accommodating machine,” it cannot just give us what we want or feel we need to earn on our capital. Insisting on higher returns when prices and conditions are as unfavorable as present, is a recipe for losses. Impatience and willful blindness are well-worn paths to capital evaporation. Buy and holders beware. Here is a direct link.
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