The Memo by Howard Marks
The Archive: You Bet!
Mar 21, 2024
Explore the connection between games and investing, emphasizing skill development and informed choices. Delve into active investing complexity, handicapping in betting, and fair odds determination. Analyze investing through betting systems, lessons in investment strategy, and risk management parallels between gambling and investing.
47:59
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Quick takeaways
- Quality of a decision isn't solely based on outcome, but on a good decision-making process.
- Success in investing and gaming involves maximizing wins, minimizing losses, and strategic proposition assessment.
Deep dives
Decisions Under Uncertainty
Making decisions under uncertainty is a crucial skill highlighted in the podcast. It emphasizes that the quality of a decision cannot always be judged based on the outcome, as luck and incomplete information play significant roles. This concept resonated with the speaker since his college years and influenced his approach to decision-making in investing. Success is viewed not as solely outcome-based but as a result of a good decision-making process.
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