underscored

@underscored

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Mimicking the herd invites regression to the mean. As a truly active manager, if you're not making bets that look wrong to most people most of the time, you're not doing your job.

Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)
22h ago

The record of a money manager who merely stays close to the market is not an outperformance record—it is a perfect recipe for underperformance after fees. The question is never 'did I beat the benchmark?' but 'did I add enough value to justify the cost of active management?' Most cannot answer yes, and most won't admit it.

2w ago

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