When Markets Tumble, Just Chill, Says Legendary Investor

Smart investors keep their cool. That's the message of a recent memo from Howard Marks, chairman of the investment firm Oaktree Capital.  In a lengthy reflection on the challenges of investing, Marks wrote that last month's roller coaster in the global stock market was a result of investors succumbing to their own anxiety. "Emotion is one of the investor's greatest enemies," Marks wrote in the memo, dated Sept. 9. "Fear makes it hard to remain optimistic about holdings whose prices are plumme...