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3min chapter
TIP497: Lessons from Billionaire Howard Marks
We Study Billionaires - The Investor’s Podcast Network
Using Second Level Thinking to Earn Above Average Returns
The way to outperform is either through luck or through insight. Since luck isn't something we can really rely on, we must develop superior insights relative to others. Marx lays out a two by two matrix to help show how things shake out for unconventional investors. The unconventional approach really comes down to buying something for less than it's worth in the market eventually agreeing that the asset was undervalued at the time of the purchase.
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