8. okt. 2009

Ny utgave av Graham & Doddsville

Studentene på Columbia Business School har kommet med en ny utgave av sitt verdiorienterte nyhetsbrev om investing. Denne utgaven har et intervju med Howard Marks fra Oaktree Capital Management.

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Gullkorn fra intervjuet med Marks:

«Do An Excellent Job at a Few Things»

G&D: It seems that most investors focus more on the return side of the equation than on risk, whereas you take the opposite perspective.

Howard Marks: That is important, and that is one of the reasons we are still around. Sun Tzu said if you sit by the river long enough, you’ll see the bodies of your enemies float by. The key is “long enough.” If you live long enough, you have to be the survivor. When I was a kid, we didn’t have the video games you have today, so we used to listen to comedy records. One of the greatest ones was Mel Brooks doing the 2000 year old man. Carl Reiner says to him, “how did you get to be the world’s oldest man?” And he says, “Simple. Don’t die.” How do you get to be the world’s oldest investor? The answer is don’t crap out.

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