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Borsgade
In this interview with David Perrel, Howard Marks explains that even though he gives away a lot of investment secrets in his notes, most investors still won’t be able to implement them. Howard also discussed what he likes about Warren Buffett’s annual shareholder letters and why high-quality work is more important than ever.
I admire and strive to emulate his turn of phrase, Warren Buffett things like, back in ’09, when the wheels were coming off the economy and the financial sector in the global financial crisis, I think that’s when he said it for the first time, he said, “It’s only when the tide goes out that we find out who’s been swimming naked.” What a great image.
In other words, this goes back to the luck thing, there are lots of people who appear to have been skilful, but until they’re tested by adverse circumstances, we don’t know if was really skill or just a bunch of good luck.
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