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 where second-level thinking comes into play. If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks. Here’s how Marks explained it in…