I enjoyed 25iq’s take on Howard Marks’ new book, here… Here is one takeaway, but do read the whole thing, and check out at least one interview from the links at the bottom…
”One of my favorite parts of the Tim Ferriss podcast is when Marks makes a point that has been a consistent theme of this blog: “there are many ways to invest; there are many people who engage in activities that I think can’t be done, and there are many people in each one who do very well. I don’t say mine is the only way. Venture is an example.” Marks agrees with Charlie Munger on the importance of “the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.” During a lunch with Marks Munger once said: “It’s not supposed to be easy. Anyone who finds it easy is stupid. There are many layers to this, and you just have to think well.” But it can get easier if you work hard and stay humble by recognizing what you do not know. As Michael Mauboussin likes to say: “the best long-term performers in any probabilistic field — such as investing, sports-team management, and pari-mutuel betting — all emphasize process over outcome.””
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