The Secret Sauce: A Knowledge Advantage
Posted on November 08, 2012 at 00:19 AM EST
Howard Marks of Oaktree recently offered some excellent thoughts on his investment philosophy and style. But this one paragraph really jumped out at me: “What is your secret sauce? No. 1, it’s possible, especially in inefficient markets, to gain a knowledge advantage. By definition, an inefficient market is one where hard work and skill...