Part 4/8:
- "The Loser's Game" by Charlie Ellis: This piece suggests that in making investment decisions, successful investors should focus on avoiding losers rather than solely seeking winners, particularly because the less experienced investor often fails at the latter.
Each of these influences reinforces Marks’ focus on the unpredictability of markets and emphasizes prudent risk management as essential to investment success.
The Emphasis on Risk Control
Marks asserts that controlling risk is paramount. He notes that investment excellence does not necessarily come from chasing extraordinary returns but from mitigating adverse outcomes. In his view, a clear path to success in investing includes: