Markets2011
The Most Important Thing
Howard Marks
Summarizes second-level thinking, risk management, margin of safety, cycles, and the role of psychology in investment outcomes.
Mental models
Model 1
Use this model to place decisions in cycle context.
Model 2
Use this model to manage position risk before seeking return.
Model 3
Use this model to separate signal from noise.
Model 4
Use this model to prepare for the thesis to fail.