Addendum to Third Quarter Client Letter - 1990-10-12-the-route-to-performance.pdf
www.oaktreecapital.com/docs/default-source/memos/1990-10-12-the-route-to-performance.pdf?sfvrsn=33bc0f65_2
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I feel strongly that attempting to achieve a superior long term record by stringing together a run of top-decile years is unlikely to succeed. Rather, striving to do a little better than average every year -- and through discipline to have highly superior relative results in bad times -- is: - less likely to produce extreme volatility, - less likely to produce huge losses which can't be recouped and, most importantly, - more likely to work (given the fact that all of us are only human).
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