The writer is co-founder and co-chair of Oaktree Capital Management
In 33 years of writing memos to investors, I’ve never dedicated one to the matter of selling. But I’m doing so now because it’s essential that we understand why many investors fail to focus on the long term and instead sell out.
As I wrote in a memo in 2015, I believe most investors trade too much and to their own detriment and that the best solution for illiquidity in markets is to build portfolios for the long term that don’t rely on liquidity and trading for their success.
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