#1
Sell Discipline
"The hardest part of investing isn't buying at the bottom — it's selling when things are going well and prices exceed intrinsic value."
Selling well requires discipline when things look good.
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Howard Marks📌 Selling & Review
Howard Marks's Selling & Review Rules
Howard Stanley Marks (born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management, one of the world's largest investors in distressed securities with over $150 billion in assets under management. Marks is renowned for his insightful memos to clients, which have been published since 1990 and are widely read in...
3 principles·Selling & Review
3 Key Selling & Review Principles
#2
Review Past Decisions
"To improve as an investor, you must honestly review your past decisions. Understanding your mistakes is the surest path to better outcomes."
Honest self-review drives investment improvement.
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Knowing When to Exit
"The key to selling is recognizing when the risk-reward has become unfavorable. When the potential downside exceeds the upside, it's time to move on."
Exit when risk-reward turns unfavorable.
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What are Howard Marks's key selling & review principles?
Howard Marks has 3 key principles on selling & review. The most important one is "Sell Discipline" — The hardest part of investing isn't buying at the bottom — it's selling when things are going well and prices exceed intrinsic value.
How does Howard Marks apply selling & review in practice?
Howard Marks applies selling & review through several key principles including "Sell Discipline" and "Review Past Decisions". These principles guide practical investment decisions and have been tested across decades of market cycles.
What makes Howard Marks's approach to selling & review unique?
Howard Marks's approach to selling & review is distinguished by a focus on long-term thinking and fundamental analysis. With 3 specific principles in this area, Howard Marks provides a comprehensive framework that investors at any level can study and apply to improve their decision-making.
