Epstein Secrets

t better in the second half of the quarter and we are optimistic about the trends." That doesn't mean crap to me unless a "fix" was made, and in Buffet's case it never happened. You can't let short term nonsense jerk you out of a long term trade that should probably work. I think under the curre

go find good mentors." If you go back and study the great investors throughout history—the Medicis, the Morgans, the Rothschilds, and recently Buffett—these great investors with terrific records share a common trait: they were always in a position to be liquidity providers. Each was willing to

lan and be you. Win, lose. or draw, do it on your own terms. For better or worse, there is only one David Einhorn, Mike Krensavage. Jeff Ubben, Warren Buffett, Jim Chanos. Roland Keiper. Stan Druckenmiller. Be your own person because otherwise it just all gets diluted and you can't beat the market or d

d insights not only to us, but also to the invest- ment community as a whole. and we thank you for reading. - G&Dsville Editors Howard Marks from Oaktree, pictured here giving the keynote talk at the CSIMA Conference in January 2016 Columbia Business School students help at registration for the 19t

hael Porter has not done that. Of course, he may not have been trying to do so. Mother great example is Ben Graham. He provided the bedrock that Warren Buffett built his brain on. but if you really think about it, Buffett was and is a much better investor. And lastly. regarding Munger, in my opinion his

got extremely interested in investing. Before my first year core classes, I had never really known about accounting. I had barely even heard of Warren Buffett and so I came to the whole thing fresh. After Joel's class. I just began to consume everything I could. Was there a time in Security Analysis wh

age 4 +Columbia Business School The Heilbrunn Center for Graham & Dodd Investing GABELLI FUNDS SAVE THE DATE FORTHE 7th ANNUAL "From Graham to Buffett and Beyond" Dinner Friday,April 29, 2016 6 . to 9 . The Omaha Hilton 1001 Cass Street • Omaha, Nebraska Tickets will go on sale in March at

half ago and now they are three points lower. I don't have the luxury of being down 6% in a month trying to make my money next year. Firms like Oaktree and Apollo with longer term money are buying hand over fist right now. They're all suffering near term losses because energy bonds have gone dow

when I retired, I would write a book pulling together the elements of investment philosophy discussed in my memos. But in 2009, I got an email from Warren Buffett saying that if I'd write a book, he'd give me a blurb for the jacket. It didn't take me long to move up my timing. Columbia Business School Publish

my memos. But in 2009, I got an email from Warren Buffett saying that if I'd write a book, he'd give me a

f short-term investing, and I go through it only to provide a graphic illustration of the difference between first-level and second- level thinking. Oaktree and I aren't focused on short-term results, and the thinking we apply to long-run considerations is quite different. We think much less about what o

re's no risk. On the other hand, a high level of risk consciousness tends to mitigate risk. I call this the perversity of risk. It's the reason for Warren Buffett's dictum that "The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs." When

e perversity of risk. It's the reason for Warren Buffett's dictum that "The less prudence with which other

ion and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice. Oaktree has no duty or obligation to update the information contained herein. Further, Oaktree makes no representation, and it should not be assumed, that