Leaderboard

"You can't take the same actions as everyone else and expect to outperform." Howard Marks is 100% right on that. To beat the market, your portfolio has to look different. David Swensen famously called this the "acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom." Even on COBF, the herd mentality is real. Those are pretty bandwagon stocks to pick. It’s probably not a coincidence that the highest returns have been what only 1–2 people picked, not the ones where 5–6 people piled in. But six months is still too short to say if you are right or wrong. A half-year is a blink of an eye, and it is nowhere near enough time for a real structural value thesis to play out. At least you can hold yourself accountable after a year, although the biggest mouths on here seem to conveniently not hold themselves to account even then.