The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 3 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Marks: Holding the Nifty Fifty for five years from 1969 wiped out capital
“If you bought the nifty 50 the day I got to work, and if you held it tenaciously for five years, you lost almost all your money in the best companies in America for the main reason that they had been priced too high.”
Howard Marks: Consistent median performance compounds into top-decile overall returns
“In 1990, I went to visit a client in the Midwest who told me that the pension fund he ran for 14 years was between the 27th percentile and the 47th percentile every year for 14 years... That pension fund was in the fourth percentile of all pension funds for th…”
Howard Marks: 'Something of Value' is his most popular memo ever
“That's right, David. Previously, that was held by a, when I wrote, I think it was in January of 14 or 15, called Luck, in which I talked about how lucky I've been and that I'm a big believer in luck and it's great to be on the right side of it. And I listed ab…”