Oaktree Capital Management's Marks penned a memo to his clients this week, urging them to ignore the ups and downs in asset prices in the short run.
His memos have gained a wide following on Wall Street, and even legendary investor Warren Buffett has said he reads them regularly and always learns something from them. "Investors should find a way to keep their hands off their portfolios most of the time," Marks said in the memo. "Macro events and the ups and downs of companies' near-term fortunes are unpredictable and not necessarily indicative of — or relevant to — companies' long-term prospects.
Marks said investors put far more importance on volatility than they should, quoting Buffett's comment: "We prefer a lumpy 15% return to a smooth 12% return." "Investors who'd rather have the reverse — who find a smooth 12% preferable to a lumpy 15% — should ask themselves whether their aversion to volatility is mostly financial or mostly emotional," Marks said.
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