Howard Marks: Develop your own approach and stick to it

“I think the key is, number one, to have an approach, well thought out. Built up, hopefully over some years or decades. Hold it strongly. Be willing and able to hold through the periods when it’s not working. Nothing works in every market. Nothing works in every stage of the cycle. The more strongly you hold your approach the more out of favour you are going to be in certain times. You have to have an approach that fits your personality.”