"Imagine how much harder physics would be if electrons had feelings"
I came across this quote while reading Howard Marks' latest memo, "Illusion of Knowledge" (his writing is always worth a read).

While the memo focuses on the futility of macro forecasting, the quote points to why I am passionate about (stimulated by) investing in stocks: it's a game where long-term thinkers must overcome the irrationality of short-term behavior to "win" (ignoring a consideration of the necessary analysis prior to this point).

It's also a game with the end goal of constant improvement; there is no steady-state "winner". At any point, years of returns can be wiped out (Tiger Global wiped out 2/3 of cumulative gains since 2001 just this year). So, it's about staying consistent and measured in your approach.

There aren't many games you can play for your whole life, but with investing, it actually works to your advantage.

I hope to write a longer piece on the subject soon, but I'd be interested to hear in the comments other reasons people are interested in the markets!
Nathan Worden's avatar
Howard Marks is great— going to go read that new memo.

As far as why I'm interested in the markets— I love the point about constant improvement. I find that incredibly motivating.
Conor Mac's avatar
Some great quotes in this Marks memo
The Thinking Investor's avatar
Marks always brings the fire on his memos.
Eric Messenger's avatar
He has all his memos on a podcast also. While half the posts I just scrolled by here are talking about macro crap I’m glad somebody is posting something about rational investing.

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