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The Most Important Thing IlluminatedUncommon Sense for the Thoughtful Investor$
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Howard Marks

Print publication date: 2013

Print ISBN-13: 9780231162845

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231162845.001.0001

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The Most Important Thing Is … Patient Opportunism

The Most Important Thing Is … Patient Opportunism

(p.131) 13 The Most Important Thing Is … Patient Opportunism
The Most Important Thing Illuminated

Howard Marks

Columbia University Press

This chapter shows another element which is important for successful investing: patient opportunism. When there aren’t always great things to do, 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. The investor will 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. It is essential for investment success that the investor recognizes the condition of the market and decide on their actions accordingly. Investing appropriately for the circumstances with which the investor is presented makes perfect sense. When there is a crisis, the key is to be insulated from the forces that require selling and to be positions as a buyer instead. The absolute best buying opportunities come when asset holders are forced to sell. This chapter also contains comments and insights from four renowned investors and investment educators.

Keywords:   patient opportunism, bargains, investment, selling, buying, investors

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