: He didn't chase the trend. Instead, he waited for the right opportunity, knowing that "good times teach only bad lessons"—like the idea that investing is easy or risk is gone.
Here is a solid story of how that uncommon sense works in the real world: The Secret of Second-Level Thinking
: When the bubble burst, those who ignored risk were destroyed. Marks’s defensive investing strategy—prioritizing the avoidance of losses over the pursuit of maximum gains—allowed him to preserve capital while others lost everything. The Core Lessons of Uncommon Sense The most important thing: uncommon sense for th...
: Success requires "knowing what you don’t know" and accepting the role of luck in every outcome.
In the late 1960s, a young student at the found himself at the "ground zero" of modern finance theory. Howard Marks , who would later co-found Oaktree Capital Management , spent decades refining what he calls "uncommon sense"—a philosophy that eventually became his acclaimed book, The Most Important Thing . : He didn't chase the trend
: No asset is so good that it can't be overpriced, and none is so bad it can't be a bargain at the right price.
: To achieve superior results, you must have the courage to buy when others are fearful and sell when others are greedy. Howard Marks , who would later co-found Oaktree
: Success comes not from being right, but from being right and different from the consensus. The Pendulum and the 2000 Tech Bubble