Oaktree Capital's Chairman Howard Marks has put together a slideshow entitled The Truth About Investing which was posted by the CFA Society. In it, he outlines the nuances of investing and also includes notable quotes from others.



Some highlights include:



"The price of a security at a given point in time reflects the consensus of investors regarding its value. The big gains arise when the consensus turns out to have underestimated reality. To be able to take advantage of such divergences, you have to think in a way that departs from the consensus; you have to think different and better. This goal can be described as “second - level thinking” or “variant perception.”



Also:



"Superior performance doesn’t come from being right, but from being more right than the consensus. You can be right about something and perform just average if everyone else is right, too. Or you can be wrong and outperform if everyone else is more wrong."



As well as:



"To be a successful investor, you have to have a philosophy and process you believe in and can stick to, even under pressure. Since no approach will allow you to profit from all types of opportunities or in all environments, you have to be willing to not participate in everything that goes up, only the things that fit your approach. To be a disciplined investor, you have to be able to stand by and watch as other people make money in things you passed on."





Embedded below is Howard Marks' slideshow presentation: The Truth About Investing:







You can download a .pdf copy here.



For more from this investor, be sure to check out his book, The Most Important Thing, which is highly recommended if you found the above insightful.



We've also previously posted Howard Marks' latest memo: Expert Opinion.