Howard Marks, Co-Founder of Oaktree Capital and previous conference keynote speaker, argues in his latest memo that investors must depart from the pack in order to earn above average returns, even if this carries with it risk of being incorrect. As Howard puts it, the key to outperforming is second-level thinking, which is fundamentally contrarian in nature and about being able to tell when other investors are focusing on the wrong things. Listen to the memo below or read the PDF online here. 

 

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