A retrospective compilation of Marks' most enduring principles. He reinforces the importance of cycle awareness, risk control, and the necessity of a contrarian mindset for achieving superior long-term returns.

This memo focuses on the importance of long-term compounding and the futility of short-term trading. Marks argues that the key to investment success is staying invested through cycles rather than reacting to volatility.

Marks argues against the common urge to sell winners prematurely. He posits that the best way to achieve exceptional wealth is to hold great assets and let them compound, rather than attempting to time exits.

Buffett uses a Nebraska farm and New York real estate purchase to explain why focusing on productive assets—not daily price fluctuations—is the key to building lasting wealth. A masterclass in thinking like an owner, not a trader.

Buffett uses a personal story about a Nebraska farm to illustrate the principles of long-term, productive asset investing. He details the partnership with 3G Capital to acquire Heinz, signaling a new model for large-scale acquisitions. The letter reinforces the idea that investors should ignore market volatility and focus on the underlying earnings power and future productivity of their holdings.

Outlines Oaktree's core investment philosophy, emphasizing the importance of consistency, risk control, and avoiding large losses.

Addresses the difficulty of investing when macro outcomes are unpredictable, emphasizing risk control over aggressive forecasting in volatile times.

Klarman argues that investors who demand certainty before acting will always be too late, and that the ability to act decisively under uncertainty—with appropriate risk controls—is the defining skill of great investing.

Marks encourages investors to look past short-term volatility and focus on the long-term intrinsic value of assets, especially when market panic creates significant buying opportunities for patient capital.

Advises maintaining a long-term perspective and focusing on asset quality during periods of extreme market uncertainty and volatility following initial financial shocks.

Marks advises investors to acknowledge current market conditions—even if they are unattractive—and avoid reaching for returns when the environment is poor.

Marks emphasizes the importance of having a clear investment strategy that accounts for market cycles. He discusses the transition from a defensive posture to a more opportunistic one as market conditions evolve.

The thesis posits that while macro forecasting is largely futile, investors can achieve superior results by preparing for various scenarios through cycle awareness.

Marks discusses the unpredictability of macro events and the importance of building portfolios that can withstand black swan events rather than relying on forecasts.

Marks outlines his philosophy for finding bargains by looking where others aren't. He emphasizes the need for a contrarian mindset and the discipline to wait for the right price.