Howard Marks

When did you start Oak Tree?

95.

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 help 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.

And yes, my tendency coming from the conservative background that I came from was to, what would you say, take some money off the table, take some of the profits.

I had this terribly misguided feeling that if you sell half, you can't be all wrong.

But of course, I wasn't dealing with securities with the potential of what Andrew deals with.