读橡树资本霍华德马斯克至投资者的信-1
“These cases illustrate that bold steps taken in pursuit of great performance can just as easily be wrong as right. Even worse, a combination of far above-average and for below-average years can lead to a long-term record which is characterized by volatility and mediocrity”.
也就是指盈亏同源，大幅度的超额收益不可能长期维持。反而，这种短期收益曲线大幅波动的策略，其长期收益率通常会很平庸。
“There will always be cases and years in which ,when all goes right, those who take on more risk will do better than we do. In the long run, however, I feel strongly that seeking relative performance which is just a little bit above average on a consistent basis--with protection against poor absolute results in tough times -- will prove more effective than "swinging for the fences".
追求长期稳定的回报，每年比平均好一点。Marks和Buffett都证明了这才是投资的正道。
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