Howard Marks Discusses "Mr. Market"
Letter to Investors
Founders Only:
Memo to: Oaktree Clients
From: Howard Marks
Re: Mr. Market Miscalculates
[Graphics in PDF. Words extracted for listening software convenience]
Start:
In his book The Intelligent Investor, first published in 1949, Benjamin Graham, who was Warren Buffett’s teacher at Columbia Business School, introduced a fellow he called Mr. Market: