The two elite investors' comments underline how a few great insights or bets can pay off massively.
Less is often more when it comes to investing. Howard Marks has only made five market calls in his 50 years as a money manager, he noted this week. Similarly, Warren Buffett has attributed the bulk of Marks, the billionaire co-chairman of Oaktree Capital Management, detailed his quintet of calls in a. He predicted the dot-com and housing crashes, oversaw the deployment of $7.
The veteran investor was right on all five counts, but he underscored in his memo that he's deeply wary of predicting the future. "'Five times in 50 years' gives you an idea about our level of interest in being market timers," he wrote."The fact is, we do so hesitantly.""One key is to avoid making macro calls too often," he said."You have to pick your spots – as Warren Buffett puts it, wait for a fat pitch."
Indeed, Buffett has shown extraordinary patience and discipline throughout his career. For instance, he allowed Berkshire's cash pile to balloon to a
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