Howard Marks: Why Second-Level Thinking Is A Required Quality For Investors
In his 2011 book, "The Most Important Thing," Howard Marks, author and co-founder of asset management firm Oaktree Capital Management, put forward his idea of first and second-level thinking.
Q2 2020 hedge fund letters, conferences and more
The Most Important Thing
As he explained in the text, first and second-level thinking are different ways of thinking about the market. To achieve better-than-average returns, investors need to think better-than-average. That's . . .
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