Money and Finance
From Howard Marks in his memo "On the Couch":
- The Advantage Of Objectivity...
From Howard Marks in his memo "On the Couch": One of the most significant factors keeping investors from reaching appropriate conclusions is their tendency to assess the world with emotionalism rather than objectivity. Their failings take two primary...
- Howard Marks Memo: What Does The Market Know?
Link to Memo: What Does the Market Know? My buddy Sandy was an airline pilot. When asked to describe his job, he always answers, “hours of boredom punctuated by moments of terror.” The same can be true for investment managers, for whom...
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Links
Dhando investor meeting 2015 – A day with Mohnish Pabrai [H/T Corner of Berkshire & Fairfax] (LINK) James Tisch Investment Philosophy and Some Thoughts on Loews (LINK) Latticework of Mental Models: Pavlovian Conditioning (LINK) Significance...
- A Few Lessons From Howard Marks
These were written when discussing the Internet bubble valuations in January 2000 (from his memo, “bubble.com”), but I think they are lessons that are true throughout time, maybe even more so today:1. The positives behind stocks can be genuine and...
Money and Finance
The tendency to overlook negatives...
From Howard Marks in his memo "On the Couch":
One of the most notable behavioral traits among investors is their tendency to overlook negatives or understate their significance for a while, and then eventually to capitulate and overreact to them on the downside. I attribute a lot of this to psychological failings and the rest to the inability to appreciate the true significance of events.As negatives accumulate – whether they surface for the first time or just are finally recognized as significant – eventually a time comes when they can no longer be ignored, and instead they come to be treated as being of overwhelming importance.
- The Advantage Of Objectivity...
From Howard Marks in his memo "On the Couch": One of the most significant factors keeping investors from reaching appropriate conclusions is their tendency to assess the world with emotionalism rather than objectivity. Their failings take two primary...
- Howard Marks Memo: What Does The Market Know?
Link to Memo: What Does the Market Know? My buddy Sandy was an airline pilot. When asked to describe his job, he always answers, “hours of boredom punctuated by moments of terror.” The same can be true for investment managers, for whom...
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Links
Dhando investor meeting 2015 – A day with Mohnish Pabrai [H/T Corner of Berkshire & Fairfax] (LINK) James Tisch Investment Philosophy and Some Thoughts on Loews (LINK) Latticework of Mental Models: Pavlovian Conditioning (LINK) Significance...
- A Few Lessons From Howard Marks
These were written when discussing the Internet bubble valuations in January 2000 (from his memo, “bubble.com”), but I think they are lessons that are true throughout time, maybe even more so today:1. The positives behind stocks can be genuine and...