In the end, superior investing is all about mistakes – Memo from Oaktree Capital

Full Memo can be accessed at

http://www.oaktreecapital.com/MemoTree/It’s%20All%20a%20Big%20Mistake_06_20_12.pdf

Abstract from the Memo

Mistakes are a frequent topic of discussion in our world. It’s not unusual to see investors criticized for errors that resulted in poor performance. But rarely do we hear about mistakes as an indispensible component of the investment process. In short, in order for one side of a transaction to turn out to be a major success, the other side has to have been a big mistake.

In the end, superior investing is all about mistakes . . . and about being the person who profits from them, not the one who commits them.

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