Overly exuberant investors in good times and excessively negative ones in bad times create excesses. A carefully chosen portfolio with an eye toward value and business fundamentals is more important than popularity that can be fleeting. Our approach often defies convention and goes against the prevailing consensus.
A few recent examples of our often contrarian approach:
Investment success doesn't come from "buying good things," but rather from "buying things well."
Howard Marks
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