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. 
3) Reasons to Sell.
1) Didn’t work out: The investment thesis is less valid and/or probability it will prove accurate has declined.
2) Better opportunities: Another investment that comes along that appears to have more promise, to offer a superior risk-adjusted return.
4) Problems with Selling (too often).
There are just far more ways to be wrong.
1) Selling timely (decline may not occur, and continues to go up).
2) Re-entering the buy timely (at the lows).
• • •
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- 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….”