Sept. 28, 2021
In episode #31 of the CMQ Investing Podcast, you will learn one of the key concepts from Howard Marks’ 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.
This excerpt from the episode says it best: “Those who consider the investment process simple generally aren’t aware of the need for—or even the existence of—second-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.”
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