Howard Marks: Investors shouldn't self-flagellate over mistakes if process was sound
Howard Marks · #53 Howard Marks: Luck, Risk and Avoiding Losers · Mar 5, 2019 · at 1:29:48
Oaktree Capital co-founder Howard Marks reads an excerpt from his book on probabilistic thinking, risk, and managing errors in investing and leadership.
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“Being wrong comes with the franchise of an activity whose outcome depends on an unknown future. No baseball player expects to bat a thousand. Investors shouldn't. Which means they shouldn't get down on themselves if they make a mistake as long as they re-examine their process and it was good, and you shouldn't castigate your staff members for making a mistake or your children.”
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