Zerohedge has published an 8 page essay from Howard Marks, in which he discusses his investment choices while Chair of University of Pennsylvania's endowment fund.
Obviously Mr. Marks does not advocate holding a PP, but his explanation of his thinking and his self-criticism include much of HB's philosophy.
As part of the essay he discusses portfolio tracking error and relative performance. This essay is a smart man tackling the big questions. It's well worth 20 minutes.
http://www.zerohedge.com/news/howard-ma ... -endowment
Deep Thoughts from Howard Marks
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