Fewer Losers, or More Winners?

In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person.
The memo is read by LJ Ganser.
You can read the memo here (oaktreecapital.com/insights/memo/fewer-losers-…) (oaktreecapital.com/insights/memo/fewer-losers-…).