Howard Marks: I Beg to Differ
This podcast was just released today. Secrets to wealth are on the last 5 minutes 😉
“I believe most investors have their eyes on the wrong ball; one quarters, or one years performance, is meaningless at best and a harmful distraction at worst”
He also mentions adding to your positions that are underperforming, which is exactly what I do, and why I find it easier to invest during recessions than bull markets.
In case you aren’t familiar; somehow I had never heard of Howard Marks until about 3 months ago, even though I thought I’d studied most of the greats. His performance, for the last decade relative to all the others compared on this site (from Dalio & Greenblatt, to Yackrman & Gates) is insane. Here’s Marks’ performance against my mentor and some other famous/successful money managers.
Thanks for sharing Eric I have not come across Howard Mark's before. His performance and track record over the years are astounding!
Still haven’t listened to his latest Memo. Have you gotten around to reading The Most Important Thing and Mastering The Market Cycle? The Most Important Thing is my number one book on investing. Cannot recommend it highly enough. I try to read it at least 2x a year. His points on risk are second to none.