No matter what it is, when something new comes along, the herd effect takes hold and people drink the purple juice. The purple juice affects their thinking and they begin to think EVERYTHING is going one way and away from past norms. And…that never happens!
"At Oaktree, one of our mottos is 'we don't look for our investments; they find us.' We try to sit on our hands. We don't go out with a 'buy list';rather, we wait for the phone to ring. If we call the owner and say, 'You own X and we want to buy it,' the price will go up. But if the owner cal
