This memo is the latest one written by Howard Marks who is an American investor and writer. Marks is the co-founder and co-chairman of Oaktree Captial Management. This memo is of great value for all investors. The second section is as follows:
Selling Because It’s Up
“Profit-taking” is the intelligent-sounding term in our business for selling things that have appreciated. To understand why people engage in it, you need insight into huma...