What weapons might you marshal on your side to increase your odds? Here are the ones that work for Oaktree: • a strongly held sense of intrinsic value, • insistence on acting as you should when price diverges from value, • enough conversance with past cycles—gained at first from reading and talking to veteran investors, and later through experience—to know that market excesses are ultimately punished, not rewarded, • a thorough understanding of the insidious effect of psychology on the investing process at market extremes, • a promise to remember that when things seem “too good to be true,”
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