Sharing my four key takeaways from Howard Mark’s latest memo - “Selling Out” (Jan22) on investing: 👇🏻
1 | The Advantage.
Long-term investors have an advantage over those with short time frames (the market majority).
Patience investors are able to ignore the short-term performance, hold for the long run, and avoid excessive trading, while most keep worrying & trades excessively.
2 ) Price Volatility = Noise.
Never let price movements / volatility get to your head and be the sole basis for any decision. 
- Atlas +84% 🚀now ~58% of revenues ↗️
(vs 56% in 2Q22, 47% in 3Q21)
- Cust >31K +37% ↗️ +2K QoQ 📶
- Atlas Cust >29.5K +40% ↗️
- Cust >$100k ARR 1,201 +34% ↗️
- Net AR Expansion >120% ✅
- >$0.5bn Rev Run-Rate 📈
1 | Strong 3Q22
“…just to reiterate, our strong performance is really due to again our consistent go to market execution as well as the confluence of the fact that the secular trends are really reinforcing our technical advantages and our growing credibility with customers….”