The Archive: You Bet!
The Memo by Howard Marks
Mastering the Art of Risk Management
The chapter explores the parallels between gambling and investing, emphasizing the importance of understanding skill levels, market efficiency, and managing capital risks. It delves into the significance of disciplined decision-making, strategic thinking, and adjusting strategies based on the environment to navigate uncertainties successfully. The narrative also touches on emotional biases, second-level thinking, and the balance needed in decision-making under incomplete information and hidden variables.
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