market folly

Oaktree Capital's Chairman Howard Marks has released his latest memo.  It is entitled "Inspiration from the World of Sports" and obviously highlights the parallels between investing and sports.

This is a concept Marks has touched on before, where he talked about how they're similar: both competitive, both quantitative (can see results), meritocracies, team-oriented, and satisfying when you win.

Tiger Management's Julian Robertson has identified competitiveness as one of the top attributes he looks for in hedge fund managers.

Other similarities can be made when comparing poker to investing/trading as well. 

In the end, Marks concludes that one of the key lessons from sports is that, "For most participants, success is likely to lie more dependably in discipline, consistency and minimization of error, rather than in bold strokes - high batting average and an absence of strikeouts, not the occasional, sensational home run."

Embedded below is Marks' latest memo, "Inspiration from the World of Sports:



You can download a .pdf copy here.

For more from this manager, head to Mark's memo on