Summary of Howard Marks's The Most Important Thing Illuminated

Excerpt From Summary of Howard Marks's The Most Important Thing Illuminated

#1

The main reason few people are great investors is that no rule works all the time. The environment can't be controlled, and the circumstances that led to a particular outcome rarely recur.

#2

To succeed, you must first be patient. Second, you must have superior insight. Only a few are capable of superior insight, intuition, and sense of value, which are all required for consistently above-average returns.