David Horne

Read fewer forecasts and more history. Study more failures and fewer successes.

Oaktree’s investment philosophy doesn’t prohibit having opinions, just acting as if they’re right.

knowing what it’s going to eat. Every day, it finds food. The lion isn’t worried—it just does what it needs to do. Somewhere else, in a zoo, a caged lion sits around every day and waits for a zookeeper. The lion is comfortable. It gets to relax. It’s not worried much, either. Both of these animals are lions. Only one is a king.

Set your target price (your goal). 2. Set your first offer at 65 percent of your target price. 3. Calculate three raises of decreasing increments (to 85, 95, and 100 percent). 4. Use lots of empathy and different ways of saying “No” to get the other side to counter before you increase your offer. 5. When calculating the final amount, use precise,

Mental toughness, grit, or resilience is two-fold. The first part is how we handle, deal, and cope with adversity and setbacks. The second part is how well we perform under pressure.

Strategy strategy value Strategy Dynamics Strategy Statics industry business market Description Strategy (with a Capital S) is the intellectual discipline sometimes called Strategic Management. I define it: the study of the fundamental determinants of potential business value.

The set of conditions needed for persistent differential returns. Power

Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

“Fear God and keep his commandments, for this is the whole duty of man” (Eccles. 12:13).