Set of 2nd 10 most important things as shared by Howard Marks in his book, “The Most Important Thing”, it talks about the following:
- Contrarianism: Hugely Profitable investment which doesn’t begin with discomfort is an oxymoron!!
- Finding Bargains: Knowing that Perception is often different from Reality
- Patient Opportunism: Patience is a virtue difficult to attain
- Knowing What You Don’t Know: Acknowledging one’s boundaries is the key
- Have a Sense of Where We Stand: Knowing your present is the key!!
- Appreciating the Role of Luck: Process >>> Outcome
- Investing Defensively: Avoiding losers + Poor Years
- Avoiding Pitfalls: Pitfalls to avoid, viz. Failure to imagine, Failure to recognize market cycles & Psychological errors
- Adding Value: Often asymmetrical
Have tried to compile some of Howard’s best work via my hand-written notes here!