By
Borsgade
In a recent interview at Chicago Booth, Howard Marks discussed how human emotions often drive investors to make poor decisions, such as buying at market highs during booms and selling at lows during downturns.
He stressed the importance of adopting a contrarian mindset, resisting emotional impulses, and, at times, acting against the crowd. However, Marks cautioned that simply opposing the majority is not enough; investors must carefully analyze market dynamics before making decisions.
Drawing from his book The Most Important Thing, which includes insights from investors like Joel Greenblatt, Marks emphasized the value of recognizing emotional biases and embracing a counter-cyclical approach. This strategy, he explained, can lead to more successful investment outcomes over the long term.
My friend Joe Greenblatt, who was one of the great equity investors of all time, inserted in the section on contrarianism that “just because five other people won’t stand in the path of an oncoming freight train doesn’t mean you should.”
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