What matters most? Asymmetry.

- In sum, asymmetry shows up in a manager’s ability to do very well when things go his way and not too bad when they don’t.
- A great adage says, “Never confuse brains and a bull market.” Managers with the skill needed to produce asymmetry are special because they’re able to fashion good gains from sources other than market advances.
- When you think about it, the active investment business is, at its heart, completely about asymmetry. If a manager’s performance doesn’t exceed what can be explained by market returns and his relative risk posture – which stems from his choice of market sector, tactics, and level of aggressiveness – he simply hasn’t earned his fees.

(Source: Oaktree Insights)


![Image upload](https://cdn.commonstock.com/05854c44a2d1b5a53b9cfd076a9d0fe0b538c4b4b57789743692fcfcd6a7e35c-960x640.jpg)
_Source: Forbes_

[https://www.oaktreecapital.com/docs/default-source/memos/what-really-matters.pdf](https://www.oaktreecapital.com/docs/default-source/memos/what-really-matters.pdf)

More good stuff to read. Thanks for sharing 🙏

Dave Ahern

https://www.oaktreecapital.com/docs/default-source/memos/what-really-matters.pdf

Latest Memo from Howard Marks - What Really Matters?

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