The Memo by Howard Marks The Archive: You Bet!
84 snips
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.
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Decision Quality vs. Outcome
- Decision quality isn't solely determined by outcomes.
- Good decisions can fail, and bad decisions can succeed due to luck and missing information.
A Life with Games
- Howard Marks shares his lifelong involvement with games like gin rummy, poker, bridge, and backgammon.
- He emphasizes the enjoyment and intellectual stimulation derived from these games, not solely monetary gains.
Blackjack and Dependent Outcomes
- In Blackjack, unlike other games of chance, future outcomes are influenced by past hands.
- Card counting can improve winning probabilities by tracking played cards to infer remaining ones.