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23min chapter
TIP665: The Most Important Thing by Howard Marks w/ Clay Finck & Kyle Grieve
We Study Billionaires - The Investor’s Podcast Network
Luck vs. Skill in Investing
This chapter examines the intricate balance between luck and skill in investment success, stressing the need for a long-term perspective. It presents examples of how market dynamics can mislead investors about true performance and emphasizes the importance of understanding randomness in investment outcomes. Additionally, it introduces strategies for identifying undervalued assets and the philosophy of patient opportunism in making informed investment decisions.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode