Most coverage
Pebbles of Perception has the strongest coverage in these notes.
Person
Person
Howard Marks
2 Books2 Highlights31 Themes
Howard Marks appears across 2 books, with 2 highlights.
Books
Notes
Recurring themes
The Where Factor as Hidden Lever, Daily Learning Compounds Like Interest, Invert the Eulogy to Find the Path
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First and Second-Level Thinking I was introduced to this topic through the writings of investor Howard Marks. First-level thinking focuses on the most visible and immediately obvious answer. It is clear to everyone. By…
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Answers use only the 2 books and 2 highlights on this page.
Highlights
"First and Second-Level Thinking I was introduced to this topic through the writings of investor Howard Marks. First-level thinking focuses on the most visible and immediately obvious answer. It is clear to everyone. By contrast second-level thinking considers what else might be going on."
Pebbles of Perception
"Howard Marks pointed out that “active management has to be seen as the search for mistakes.”12"
Charlie Munger
Themes
The Where Factor as Hidden LeverDaily Learning Compounds Like InterestInvert the Eulogy to Find the PathReflection Hardwires ExperienceBetter Questions Beat Smart AnswersTeach It to a Five-Year-Old or You Don't Know ItReciprocity Opens Every Door FirstPassion Pursued, Not FoundAcceptance as Active StrategyInner Scorecard Over Neighbor's ScoreboardDeserve the Partner You WantFear Is a Thought-Based ImpostorLoss Is Natural — Grasping Guarantees DisappointmentAppeal to Self-Worth Not Just Net WorthAbsence Blindness Kills Better OptionsContext Changes Everything, Absolutes BreakFish Where the Fish AreConsistently Not Stupid Beats BrilliantIntrinsic Value Through Cash Flow Not MomentumStock as Business Ownership Not Ticker SymbolMr. Market as Servant Not MasterFree Cash Flow as Valuation BedrockBottom-Up Only ValuationIndependent Thought Over Herd RegressionSimplicity as Performance AdvantageBuy at One-Third of Sellout Value Then WaitShort-Term Predictions in the Too-Hard PileMargin of Safety Renders Prediction UnnecessaryChecklist Before CommitmentPrice Versus Value DisciplineProjections as Dressed-Up Delusion