Jump to ContentJump to Main Navigation
The Most Important ThingUncommon Sense for the Thoughtful Investor$
Users without a subscription are not able to see the full content.

Howard Marks

Print publication date: 2011

Print ISBN-13: 9780231153683

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231153683.001.0001

Show Summary Details
Page of

PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 20 September 2021

The Most Important Thing Is … Patient Opportunism

The Most Important Thing Is … Patient Opportunism

(p.107) 13 The Most Important Thing Is … Patient Opportunism
The Most Important Thing

Howard Marks

Columbia University Press

This chapter considers another important need for successful investing: patient opportunism. The boom-bust cycle associated with the global financial crisis gave investors the chance to sell at highly elevated levels in the period 2005 through early 2007 and then to buy at panic prices in late 2007 and 2008. Cycle-fighting contrarians had a golden opportunity to distinguish themselves. But there aren't always great things to do, and sometimes investors maximize their contribution by being discerning and relatively inactive. Patient opportunism—waiting for bargains—is often the best strategy. The investor will do better if they wait for investments to come to them rather than go chasing after them. They tend to get better buys if they select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what they want to own. An opportunist buys things because they are offered at bargain prices. Patient opportunism, buttressed by a contrarian attitude and a strong balance sheet, can yield amazing profits during meltdowns.

Keywords:   patient opportunism, investors, bargains, investment

Columbia Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us .