There are two types of forecasts – lucky and wrong.
Acting like you know everything is more dangerous than accepting your limitations.
Macro forecasting is not critical for investment success.
The only constants in capital markets are change and uncertainty
Being on the crossroad between the risk of losing money and the risk of losing opportunities
These are some of the tidbits from Howard Marks’s latest investors letter, which is among my favorite reads. There is always something insightful to learn.