#53 Howard Marks: Luck, Risk and Avoiding Losers
The Knowledge Project with Shane Parrish
Essential Insights on Investing
Successful investing requires understanding that there isn't a single most important thing but rather 21 essential factors, likened to bricks in a wall. Second level thinking is crucial, where one needs to see what others miss and avoid common mistakes like overpricing or selling low. Superior investors identify and grasp the errors made by others, maintain a different perspective, and strive to be proven right.
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