Howard Marks: 78 Years of Investing Wisdom in 60 Minutes (MUST WATCH)
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- Опубліковано 1 лют 2025
- 💰Download Howard Marks' legendary investment memos here: thecompounders...
Billionaire investor Howard Marks is the co-chairman of Oaktree Capital Management and is one of the most closely followed investors on Wall Street. His firm Oaktree is the largest investor in distressed securities globally. Marks writes investment memos that are widely read, including my legendary investor Warren Buffett. Howard Marks is also the author of several high profile investment books including The Most Important Thing and Mastering the Market Cycle.
💰Download Howard Marks' legendary investment memos here: thecompoundersclub.ck.page/302b0a383a
the PDF is still with memo's till 2007, is there an updated with recent years' memo? thanks.
He was 68 in this video, not 78.
In simplest terms… By low and sell high.
Easy, buy stocks (Apple, Microsoft, Wells Fargo) and a primary home
NOOHHH.. Bad
CLOESH statuehs like eveyrdoby can't get rich.. NOTH GOHD nut IFFF ON, CAN BE WEIL TO enoghg onliveh that Exahctlhy.
RICHT FO CHURCH.. ADN NOBODHY CAN DO GET CLEAIHM.
Canadian here...When I first read 'The Most Important Thing' I didn't like it...Then I started to invest and after a few years I read the book again and was amazed at how much it improved...Everything Marks wrote about in his book, I experienced in the market...Since then I think I've re-read his book about 5 times...If I could advise any beginning investor what to read before he starts investing, I would tell him to read this book. And on top of that it was a pleasure to read. Marks really writes well...Just my two cents...
Thank you!
Any other insights for a fellow Canadian investing noob?
What other books or authors do you recommend, and any websites or tools I should subscribe to etc
Thanks
@@Qjemuse Well since you asked...The following books all taught me important lessons...
1) The Outsiders by William N. Thorndike Jr.
2) Benjamin Graham and the Power of growth Stocks By Frederick K. Martin
3) You Can Be a Stock Market Genius by Joel Greenblatt
4) The Single Best Investment by Lowell Miller
There are others but this list will keep you busy for awhile...
However after reading whatever books you decide to read, you will learn the most valuable thing you will ever learn from is your own experience investing in the market. That's what makes Mark's book so valuable...
Good luck and enjoy your investing journey...
@@nivagnoswal much appreciated! I'll start with these
Best of luck and return on your investments as well
My investor Willing to partners with other investors,
@Boden224 👈 write up
The dude knows a lot about investing and human psychology. A pleasure to listen.
stocks are a scam. the way i see it.
@@ethanlee-c3d not a scam, just if you don’t know you’re way around the market, then you are just gambling.
First of all.. money doesn't grow on trees. And After dipping my toe in it, and well versed on the whole concept, it is dirty.
You need people "retail" those folks who always get ridiculed or belittled by constructional traders to pour their money in there. And surprise.. surprise.. the retail actually helped the market. No winner on the equal side, that is really for the retailer, cause the one who could buy a lot of it aka whale from constructional wins and grab the cash from retail. If most retail folks quit and the rich business guy decided to stopped buying the the stocks guess what will happen? Oh yeah it will be worth jackshit! @@robertshafer8968
@@ethanlee-c3dthere are players fighting each other in buy and sell tug-of-war.
It’s not a scam but big players may have significant advantage as they can buy high quality services.
I hope you are not talking about insider trading.
@@ethanlee-c3d loser mentality, 0 effort to understand how the world works
In summary... there are two ways to become rich buying stock: 1. Buy good assets at a good price. 2. Buy assets for less than they're worth. He also says that it is important to control risk and to act as a contrarian.
There is no "in summary". You have to live and learn. If it was easy to become rich in stocks, everyone would be rich
Question is: how do I know how much they are worth
@@BEEM206 I can't agree more. you are soo right.
Or his full of BS like most investors, His company Oaktree Holdings share have gone down by 5% since 2018 so where are the 23% return that he talks about? Sure 7% dividend a year but that would mean 7% not 23% a year
@@SarahH9000 When the markets tank and the good stocks are selling between 25%-50% below its ATH.
Boy the financial advisor scammers are heavy here! Folks only trust a fiduciary for financial advice and not one suggested on UA-cam! 💯
youtube channel owners have an obligation to police their video comments or turn them off
Its at this point where im not even sure if the video im watching is ai generated or not sometimes
Yes, and reporting the scammers to UA-cam is futile - they just don’t care. Compare that to how fast they banned “misinformation in 2020-2021
@@holyhandgrenadeofantioch2019
the channel owner can and should delete comments that are clearly scams
My own friends would rather invest in a ponzi scheme than any of my ideas 😢😂
Howard Marks’ insights are invaluable, especially in today’s volatile market. As someone focused on long-term investing, I’m curious-how do you navigate value opportunities during rapid rate hikes without overexposing to risk?
If you're not familiar with market investing tactics, you should get advice from a financial counselor.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals.
Her name is “CATERINA MARY CIARLANTE”. You can research her name to find the necessary details and set up an appointment.
Thanks for sharing. I searched for her name and found her website. I reviewed her credentials and did my research before contacting her. Thanks again.
He is absolutely right , I would not say I learned anything new... I would say..he stamped my way of thinking....
I started investing 8 years ago. I have $3m invested now. The markets have been really good to me even 2022. As soon as I saw the market tanking I deployed a good amount of capital to buy more. Investing is a must for those wanting to build wealth.
I’ve been waiting like 10 years for Costco stock to be undervalued
It will nvr happen
Why? Just invest if you like it. They are probably on the verge of a split
😂😂😂you got the idea of this video 🎉
Just wait for a bear market/stock market cash then go bullish(buy aggressively)
if u know a stock is good and has a future, start averaging down
Its true. Buying good companies means buying at a expensive price. Risk free companies are too pricy.
That’s usually true. But occasionally you can buy good companies at great prices.
@@GG-el5tefor example
I will save a lot of people money by saying instead of going out and buying various books that you use your local library to borrow them. This is free advice worth thousands of dollars over a lifetime. Good luck. :)
Some library don’t have them tho
Also buying them is way better cos it’s accessible to you at all time
@@sirmeyo770 Many local libraries will request books from other libraries for you if they don't have them.
lol. Last spending I worry is the money I pay for books. I often buy used.
@@sirmeyo770 Many libraries will request books if they don't have them.
The way to make money in the stock market is to become a politician and invest in all the stocks that you secretly know will increase based on your behind closed-door meetings.
Yea. Tmai...
@@MyShotsTickle-im5ssthe Pelosi method.
Nancy Pelosi...
Very good video. Thanks for putting it up. I especially liked the tennis example. It reminded me of Charlie Mungers advice to always look at the inverse of things. In life and investing, people first look at what do I need to do to get rich. Things like, what’s the best school to attend, the best place to work, what is the best investment for maximal gain. Charlie would also look at the inverse. Things like, living below your means, which frees up money to invest. Keeping fees low so more of your money can work for you. Anyway, you get the idea. Again, insightful video.
Buy low, sell high! That's my formula.
A dollar saved, is ten dollars earned....live life by that motto and you will be wealthy.
That advice will make you lose to inflation and be miserable, a dollar invested is ten dollars earned is a better mindset
Howard Marks is one of the great investor Maestros. 👍
Damn, he is much better than his books which i read and messed up. This is awesome video. Thanks.
That Mark Twain quote is just brutal, man. Brutally real!
A profound talk. Thank you for uploading this
The way he emphasizes the importance of controlling risk and understanding the true value of assets is something every investor should hear
Howard Marks is a true legend in the investment world. As co-chairman of Oaktree Capital, he’s made a name for himself by mastering distressed securities and delivering insightful investment memos that even Warren Buffett reads. His books, The Most Important Thing and Mastering the Market Cycle, are must-reads for any serious investor looking to understand market cycles and risk management.
Thanks!
@@mike_valueinv do you know if his fund is available to the public
The most important things and mastering the market cycle
Your perception about corporate bonds is brilliant and practical - and I admire your practicality - thank you Howard 😊
Just being an average investor but doing for a long time will make you rich, time and saving regularly is all it really takes
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in.
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience.
I stopped listening and taking financial advise from these UA-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
It’s all about the compounding! This takes many including myself a longtime to learn 😊
I think in most cases you can tell from an outcome whether a decision was right. "Because there is a lot of randomness".
Ml most cases in the market or most cases in the real world?
I really like Howard Marks. His book "most important thing" was great.
Thank you for this video. Donot remove this for sometime now.
If you owned Oaktree Capital Management stock since 2018, which is Mark's company, you would have had less than zero percent return since then until now. It Ipo'ed at 24,65 USD, and trades at 24,33 today nearly 7 years later, zero dividends. The s&p 500 has nearly tripled in those 7 years. His is not wrong about most of the things he says though, and Oaktree does seem cheap at this price. Not often you come by a fund of that size with a p/e of 9.
They are owned by Brookfield asset management. Better off buying stock in their company...
It has a 14% dividend which is very high. I don’t know why you would say there is no dividend.
Just another bean counter who gets on stage desperatly trying to look funny and cool with roughly 15 seconds of useful information in a 1 hour video... and even that 15 secs is 'revelations' like 'buy low sell high'. :D I guess these people missed their teen years doing nothing, and they mistake their audince with all the hot highschool gls they wanted to impress back than. Useless garbage.
Reading the title I wasn't sure if it was worth watching , but then released how intelligent this person is!
Thank you for sharing this wonderful info and knowledge.
Howard Marks is one of the goats.
Internet has made all this legendary stuff available for free.
Thanks!
Who else is seeing this video after making some profit since this past election?❤
Me !! 😂 i never thought i deed have this turn around this year , i must say that investment is really good when you have the right knowledge
Like!! It's more than just amazing, my crypto just boomed and i didn't even notice till i saw it on the news
@davidanderson8650 for real, i feel sorry those who didn't put interest in it then many will be regreting there decision right now
@berryobrain8433 ow year i bought some Sol last year although i was tempted to sell this year but my account manager advised me not to do so and I'm happy now that i listened to him 😊
@@lanzeborille7518it's not late for anyone to join the crypto market cause predictions are still up and with a good account manager you will be just fine
In markets deep, where wisdom flies,
Marks shares the truths beyond disguise.
Seventy-eight years, a journey so vast,
He speaks of cycles that forever last.
In the dance of risk and measured fate,
The wise move slowly, they do not wait.
Distressed securities, a path so bold,
The treasure within the turmoil is told.
Through memos sharp and lessons keen,
He shows us where the unknown is seen.
Patience, balance-his gentle creed,
In every season, in every need.
So heed these words, but listen close,
Wealth is born when ego is most ghost.
In cycles’ turns and market’s flow,
True wisdom grows where the stillness grows.
To the question at the end, Marks is addressing the difference between forecasting and strategizing. The difference is that the strategist enumerates all possibilities, or as many as practicable, then determines the expected value of all available decisions whereas the forecaster predicts a specific outcome, often without associated probability estimates or acknowledgement of any other possible outcomes.
3rd time watching learn something every time. excellent
This man is absolutely right. Ive been investing 8 years without previous experience or wisdom, and ive learned the hard way. And these are the life lessons ive learned.
Warren Buffett has mastered what patience looks like. He has stuck to the markets, having a long term view on the markets. This is what I'm struggling to do, trying to learn how to not react to market news about inflation and all. I have currently set aside about $553k to put in the market now that prices are down. Any ideas?
It takes some gut to really remain in the market despite downturns and all. So just find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
I've been looking for advisors recently because the market news hasn't been very positive. who’s the person that is guiding you.?
I work with “GRACE LORRAINE AUSTIN” I understand what it's like to see your portfolio going down. I hope the performance improves.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I bought TSLA shares for $2000 and it turned to $20,000 a few years later. The price of the stock was way over valued then. So I can't say he is 100% correct. Some stocks that are overvalued are worth buying if the support and growth of the company warrants it.
Good luck to you man and keep it coming man
Amazing. Over 1-hour lecture with no content art all
He’s training people to become wiser investors, ie long term investors with reduced risk and in it for the long term. He became a billionaire not through quick methods but through consistency, which is staying investing and buying more when stocks are cheap (falling). He doesn’t make sense to new investors, but for experienced long term investors it makes more sense. It’s a waiting game too and it takes a great deal of patience
greetings from Brazil 🇧🇷
I've just read the cycle book and now I watched this video. I'll invest on a different way after them
thank you so much!!
valuable giveaway from a true legend.
Really love when this channel posts up talks like this.
Pure gold, than you very much:)
dont invest in gold
That’s called timing the market. Good luck 👍
I absolutely LOVED this interview. Thank you both!!
Howard marks, read his books. It is amazing
Greetings! I’m a beginner in Bitcoin trading and, despite watching many videos and trying different approaches, I haven’t seen any success. Can anyone point me to a trustworthy expert who can manage my trades and generate profits?
That's true. a lot of people today have been having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialists.
"Oh, so you’re familiar with her too? She’s awesome! She helped my husband and me get our dream house and car."
"I also work with Carolyne Norris. My initial investment with her earned me more than $12,000, and I’ve kept trading with her because it’s been very rewarding."
"I’m fortunate to be one of Mrs. Carolyne Norris's clients. She’s improved my financial life immensely, and it’s all thanks to the friend who recommended her to me."
"This isn’t about endorsing her, but simply sharing my testimony. She’s trustworthy and the best I’ve ever dealt with."
the most important thing in investing is
buy things less than their intrinsic value
control risk
buy at low price
act as contrarian
we must evolve-be better
Stock market is on fire! My portfolio is up 23% since the start of the year. Who else is crushing it?
I wish I could say the same. I've been trying to make successful stock picks all year, but I'm still in the red
@@LarsBergstrom-uh2eupick undervalued stock or correctly valued stock that has direct influence over mass population. (Ex: Banks, retails like Walmart, tech companies, etc) just make sure they have enough cash in hand . You won’t beat the market necessarily but you won’t lose money . And also DCA is ur friend. Never go 100% in a stock in one time but buy in chunks every month or every quarter
I've been crushing it for many years, but its always been NVDA carrying the day. I just wish I went all in on them instead of tip-toed in with such fear at the start.
I bought it 1.5 years back and my return is almost 80%
Up 200% on pltr
Excellent presentation
I am aware that continuing to invest during periods of volatility can be a smart way to build wealth. I’ve heard testimonies of people accruing over $250k in this red period. What measures can I take to achieve this?
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024
That's heavy! keep it up, I could really use the expertise of these advisrs, my portfolio has been down bad....who exactly is the person guiding you?
My CFA Julianne Iwersen-Niemann a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
SCAMMER
Thank You ❤
My investor Willing to partners with other investors,
@Boden224 👈 write up
I read that 800 pg book Security Analysis. I haven't read any other book. Didn't need to
For dividend investors, SCHD is a wise option, particularly during volatile markets. It seems like a safe long-term investment due to its steady dividend increase and strong track record. To strike a mix between stability and growth, particularly as we manage the effects of rising interest rates, I'm concentrating on ETFs like SCHD.
Invest in S&P 500 ETF, for as long as possible. Do it as often as you can. Try not to withdraw this money and let compounding do its work. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Just gotta give props to CARYL ANN ADELMAN , my CFA, she's the real deal in the finance game. Dive into her background, this lady's a treasure trove of experience and knowledge for anyone navigating the financial jungle.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Not sure if anyone can answer:
1. I have ARKK which holds TSLA, PLTR, COIN. I also have those as individual stocks. Individual average is super outperforming ARRK. would you close out ARKK?
2. If an acct has two funds thst, 2gether, total 100k, but not individually, do you get the benefit of that magic accelersted snowball after 100k, or not until each equates to 100k?
when was this recorded?
2015
Marvelous tennis analogy!
This video posting is misleading . The date of this video was at least a decade prior to the pandemic when interest rates were near zero. There is no indication in the heading of the video of the actual date of the talk at Google. The date should have been posted.
Anthony thoughts on "the smart investor," by Benjamin Graham? Is this guy book better or same?
I see the price of gold producers does not reflect the price of physical gold, it's very difficult to sift thru the trash to find the gems
As much as he's probably a great investor, I find that his talks and memos rarely, if ever, contained anything I didn't already know. This talk is no exception.
John Kenneth Galbraith was born (1908) and raised in Canada He was a Canadian citizen. In 1937, Galbraith became an American citizen and retained his Canadian citizenship.
this is a think-tank level-of-thinking
Interesting to listen to
When was this speech delivered?
What are the returns after fees?
My portfolio for the past 30 years has always been self managed and I own 3 shares of Berkshire Hathaway Class A stock (BRK:A) which I bought in at about $17,000 during the mid 90s, I’m currently liquidating some of these positions to incoporate new Gen. Stocks, but am I better off re-investing into Gold as it seems stocks are a little too unstable right now.
Invest in real estate, ETfs and high-yield savings account.
Just buy Gold and protect your assets, the stock market is a rollercoaster.
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on Etfs and actively managed funds. I am up by 418% in 1 year under guidance.
how do I get one and interview them? Considering your point I won’t want to get into a bubble. Can you recommend any?
Monica Mary Strigle is a hot topic even among financial elitist in lower Manhattan. Just browse, you’d find her, thank me later.
It would be nice to list the books he mentioned in the description.
@@majorkuntz I have and it's time consuming because there is no index. if every viewer has to go through that exercise it's less efficient than if the video providers do it once.
The books mentioned are in the description
Québécois here, the book "The most important thing" is just great. Highly recommended.
Good video. It must be really old because the speaker would be around 78 years old now, and he looks very young here.
Edit: it's from around 2005.
Bro must have a time machine then, because he talks about a letter he received in 2009 and how he released a book in 2011.
It's from April 2015 he tells you as much
@Thaitanium73 I must have missed that part. I was going by what he said about something that happened in 1985 being "almost 20 years ago".
@@shahrazade26 Gotcha, he said 1995, you just misheard it as 1985, that's why you were 10 years out 👍
@Thaitanium73 Oh, thanks for clarifying.
37:16 pension fund for the previous 14 years was between 27th and 47th percentile each year, which over that timeframe was the 4th%ile !!!
Wow that point about being in the 4th percentile really was a good point!!
I am currently holding north of $250,000 in Cash in bank making me around 5.15% currently. I was advised to invest in the stock market as its good for passive income and high returns. but right now I need strategies to invest to secure my financial future
I got into stocks few years ago and my candid advice for a newbie like you is to seek help from market experts rather than UA-cam
Right, a lot of folks downplay the role of CFA until being burnt by their emotions, no offense. During the covid-outbreak, I needed a good boost to stay afloat, hence researched for CFA and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
Yeah, she is Jennifer Leigh Hickman , look her up. Anyone is free to contact her.
Her name is *Jennifer Leigh Hickman* . I can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Great talk, thanks for uploading!
I like it, I'm only good at things anyone can do.
Sir pls elaborate tax rules and applicable tax on this process
This should be common knowledge. Buy quality undervalued, and buy lots of it.
Thanks. Great explanitions.
Very good talk.
good call on not naming Federer. He wins by waiting for his opponent to make a mistake. not hitting losers
Good stuff 👍thank you
I wonder his thoughts on Index ETFs now
When was this class?
THANKS
So what does Buffet say in the preface of his book.
Bla bla investing randomness gamble. That's what i got from this. Thanks for the tools Mark.
Great information!
Here's how to become financially independent with stocks: Learn fundamental and technical analysis, practice with paper trading, excercise good risk management, open a Roth IRA, put as much money as you can up to your annual limit into the IRA, trade under-valued or oversold quality equities or ETFs daily for small compounding gains of 0.5-1.5% inside your tax-free Roth IRA for years. Patience is key.
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.
Good advice.
In what year did he give this talk?
Brilliant!
How to know if the stock is expensive or cheap? That’s not make sense.
The answer is market participants will know if that is expensive or not. Now next question is who is market participants. The answer is in a family the person who does daily buying vegetables may be a market participants as a buyer. If a seller in market, then an min 10 years of doing same business may be a market participants. Hope I tried to clear your query. Another thing one must think in probability of success game. For an example if you go to your school today you can find a guy who is doing best in his studies and ready for 10th exam and at the same time one more guy is a back bancher. If I ask you to invest 95% of your entire wealth which one will you choose? If you choose the back bancher then buy option with 10% of your entire wealth. If your answer is the best guy then you can give 95% right. It's not the return it's all about risky. Once your risk is determined money is available by borrowers also.
My investor Willing to partners with other investors,
@Boden224 👈 write up
Investing successfully demands hard work and mental discipline, buying in times of panic, selling during euphoria, and staying patient through boredom. It is less about intelligence and more about temperament, with emotional control making up 95 percent of the process.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you?
excellent share, Just looked up her name and spotted her consulting page ranked top. after reviewing her credentials i reached out to her.
*I had problem comprehending trading in general. I tried watching other UA-cam trading channels, but they made the concepts more complicated. I was almost giving up until when i discovered content and explain everything in detail. The videos are easy to Follow*
Can someone explain the section where he explains the fund with 14yrs of average 37 percentile abut to only end up with 4% overall? I’m new to investing
What he is basically saying is that when you look at the one year return in comparison all other funds he is just slightly above average. The thing that sets him apart is that he is doing this slightly above average return constantly over a long time period. In the short term other participants might have been lucky due to the general randomness in the market which is also why he appears to be slightly above average in the short time span. In the long term on the other hand theese people who where lucky can't replicate their short term success. Thats why he ends up in the 96th percentile in the long run across 14 years, which means that he has achieved a better return over this time span than 96% of all other funds (or he is in the top 4%, when it comes to money managers). This doesn't give any hint on his actual performance but just a reference of how is performance was in comparison to others.