Amazing memo by Howard Marks - I Beg to Differ
Some highlights:

  • Be idiosyncratically uncomfortable(Be different)
  • Take the long view(Fuck Macro and short-term BS)
  • Have conviction(And don't keep buying and selling shit, hang on enjoy the ride)
  • Evaluate businesses qualitatively(quant insights are discounted and common info.)
  • Be ready to make mistakes and underperform for a while
  • Second level thinking is important, if you cant then you will be average or below average

Joey Hirendernath's avatar
Lots of great takeaways ! Thanks for sharing these highlights.
Fat Baby Funds's avatar
Just read his book mastering the market cycle. A nice patient voice in times of chaos.
Modern Growth Investing's avatar
@fatbaby Howard Marks is the GOAT
Nathan Worden's avatar
I love the list of what second-level thinkers take into account
Modern Growth Investing's avatar
@nathanworden going deeper down a business is fun, I love it
Samuel's avatar
Brilliant, thanks mate