Howard Marks: Latest Memo: You Bet! | Value Investing News

Howard Marks: Latest Memo: You Bet!

  • As Grayson explained, you make the best decision you can based on what you know, but the success of your decision will be heavily influenced by (a) relevant information you may lack and (b) luck or randomness.
  • While it might seem counterintuitive, the best decision-maker isn’t necessarily the person with the most successes, but rather the one with the best process and judgment.
  • Investing is a game of skill – meaning inferior players can’t expect to be above average winners in the long run.
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