Money and Finance
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- Complimentary Quotes From Nassim Taleb And Howard Marks
“The Black Swans we imagine, discuss, and worry about do not resemble those likely to be Black Swans. We worry about the wrong “improbable” events……We like to think about specific and known Black Swans when in fact the very nature of randomness...
- Howard Marks, The Most Important Thing, And The 6th Annual Value Investing Congress West
As mentioned in a previous post, Howard Marks, Chairman of Oaktree Capital Management, is scheduled as one of the presenters for the 6th Annual Value Investing Congress West that will take place on May 3 & 4 in Pasadena, California. His book, The...
- Boombustology And Value Investing: Why Context Matters - By Vikram Mansharamani
Via Value Investing Letter.As one who has fought with global equity markets during the past 20+ years, I remain confused by the typical value investor’s belief that “top-down” issues are not worth contemplating. Why is it that Graham and Dodd investing...
- Investing Wisdom From The Wire
My wife and I started re-watching one of our favorite television series, The Wire. We're through the third season now and I've been jotting down some quotes that I thought could also apply toward investing. Here's what I have so far. "Game...
Money and Finance
Repost: Howard Marks on defensive investing
Still a great summary of how I think one should think about investing today. From his July 2003 Memo "The Most Important Thing":
The ingredients in defensive investing include (a) insistence on solid, identifiable value at a bargain price, (b) diversification rather than concentration, and (c) avoidance of reliance on macro-forecasts and market timing.
...
“Defensive investing” sounds very erudite, but I can simplify it: Invest scared! Worry about the possibility of loss. Worry that there’s something you don’t know. Worry that you can make high quality decisions but still be hit by bad luck or surprise events. Investing scared will prevent hubris; will keep your guard up and your mental adrenaline flowing; will make you insist on adequate margin of safety; and will increase the chances that your portfolio is prepared for things going wrong. And if nothing does go wrong, surely the winners will take care of themselves.
………………..
Related book: The Most Important Thing
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- Complimentary Quotes From Nassim Taleb And Howard Marks
“The Black Swans we imagine, discuss, and worry about do not resemble those likely to be Black Swans. We worry about the wrong “improbable” events……We like to think about specific and known Black Swans when in fact the very nature of randomness...
- Howard Marks, The Most Important Thing, And The 6th Annual Value Investing Congress West
As mentioned in a previous post, Howard Marks, Chairman of Oaktree Capital Management, is scheduled as one of the presenters for the 6th Annual Value Investing Congress West that will take place on May 3 & 4 in Pasadena, California. His book, The...
- Boombustology And Value Investing: Why Context Matters - By Vikram Mansharamani
Via Value Investing Letter.As one who has fought with global equity markets during the past 20+ years, I remain confused by the typical value investor’s belief that “top-down” issues are not worth contemplating. Why is it that Graham and Dodd investing...
- Investing Wisdom From The Wire
My wife and I started re-watching one of our favorite television series, The Wire. We're through the third season now and I've been jotting down some quotes that I thought could also apply toward investing. Here's what I have so far. "Game...