The latest Howard Marks memo is out, including the following observation:
Please forgive me for gleefully indulging in a little confirmation bias. I meet regularly with investment managers, so I feel I have a pretty good handle on sentiment among professional investors (and, by association, their clients). But I am hardly the guy Warren Buffett asked to write a book about investing. As far as I am concerned Howard Marks’s memos are required reading. Hence the gleeful indulgence in confirmation bias.
In this memo, Marks also addresses one of the more damaging impulses investors seem to feel: a desire to view asset allocation decisions in binary terms.