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

![](https://cdn.commonstock.com/bcc98b42c7e790dde4337c272b8bd434f68a20709cfa1d14542e9b674f2e806d-2240x400.png)

![](https://cdn.commonstock.com/1f8139285449b33cd5d6aa067878992e4f51ae7b41856758fc06e124463f387f-900x557.png)

![](https://cdn.commonstock.com/e04f01d52d023dbdec14f087e491eec71b79daca335e4debaa0752d09d9e115f-1200x513.png)

Lots of great takeaways ! Thanks for sharing these highlights.

Joey Hirendernath

Amazing memo by Howard Marks - I Beg to Differ

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