Howard Marks
👤 PersonAppearances Over Time
Podcast Appearances
And Bruce and I and the other founders and senior managers have the option to sell a fifth a year, but we don't have to.
Right now, we can keep it as long as we want or sell it when we want.
And you reach a certain age when it's a good thing to have an exit.
When did you start Oak Tree?
So I was 27 years old.
I've worked there half my career.
So let's see if you can do the math.
So we have an exit at our option.
We still run the place.
They consult us.
They provide resources.
I mean, it just couldn't be better.
And Buffett talks about skipping to work in the morning, and I skip inwardly.
That was our most lively interchange, I would say.
So as you probably know, I wrote a memo in January of this year, I think it was, called Selling Out.
And I observed that a lot is written about when to buy securities.
It's a little bit about market timing, but not much about when to sell securities.
And of course, it's half the equation.