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by Howard Marks
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by Howard Marks
Marks distills his celebrated Oaktree memos into a value-investing manifesto built around 'second-level thinking' - the discipline of anticipating what the consensus gets wrong about price versus value. He argues that successful investing is less about forecasting returns than about manageing risk, understanding cycles, and recognizing the role of luck in outcomes.
by Howard Marks
Marks argues that while markets cannot be forecast, investors can position themselves wisely by reading where we stand within recurring cycles of credit, psychology, and risk attitudes. He draws on decades of memos to show how extremes of optimism and pessimism create the pendulum swings that determine long-run returns.
by Gregory Zuckerman
Zuckerman chronicles how mathematician Jim Simons built Renaissance Technologies' Medallion fund into the most successful trading operation in history by replacing human judgement with statistical pattern recognition. Drawing on unprecedented access, he shows how a team of code-breakers and physicists turned market inefficiencies into a machine that generated 66% annual gross returns for three decades.
by Michael J. Mauboussin
Mauboussin draws on psychology, complexity theory, evolutionary biology, and sports to build a multidisciplinary toolkit for investors. He argues that great investing requires recognizing probabilistic thinking, base rates, feedback loops, and the difference between skill and luck, insights more often found outside finance textbooks than inside them.