Howard Marks - The Most Important Thing (For Investors Who Want to Outperform the Market)
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In episode #31 of the CMQ Investing Podcast, you will learn one of the key concepts from Howard Marks\\u2019 classic investing book, The Most Important Thing. How do legendary investors like Charlie Munger and Warren Buffett achieve consistently superior investment returns decade after decade? The answer is second-level thinking.\\xa0
This excerpt from the episode says it best: \\u201cThose who consider the investment process simple generally aren\\u2019t aware of the need for\\u2014or even the existence of\\u2014second-level thinking. Thus, many people are misled into believing that everyone can be a successful investor. Not everyone can. But the good news is that the prevalence of first-level thinkers increases the returns available to second-level thinkers. To consistently achieve superior investment returns, you must be one of them.\\u201d
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