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H. KONG 22,618.70 -0.23%

JAPAN 14,568.00 0.58%

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SHANGHAI 2,288.53 0.57%
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GOLD 1,382.90 -0.64%

SILVER 22.30 -0.87%

COPPER 3.29 -0.17%
FRANCE 2YR 0.19 -10.90%

GERMAN 2YR 0.00 -120.00%

ITALIAN 2YR 2.18 27.59%

SPAIN 2YR 2.81 8.21%
FRANCE 10YR 1.94 0.31%

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SPAIN 10YR 4.42 2.91%
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Above Average Odds Investing » Blog Archive » Howard Marks: It’s All a Big Mistake

By Research Donkey – Sat Jun 23, 2012 4:51pm – 1 Comment

Wonderfully wise read illustrating the timeless truth that all intelligent active management is simply a “search for mistakes”

via Above Average Odds Investing » Blog Archive » Howard Marks: It’s All a Big Mistake.

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One Response to Above Average Odds Investing » Blog Archive » Howard Marks: It’s All a Big Mistake

Ultramarine1 says:

June 24, 2012 at 2:19 am

Wow, thanks, that was a pretty good essay. Reminds me of a time I heard some commodities traders where I worked discuss their strategies and how for one instrument the counterparties appeared to not understand how to value the instruments they were trading properly, so the traders were taking advantage of that fact.

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Major US	US Futures	Europe	Asia	Commodities	2yr Euro Yields	10yr Euro Yields	Oil
DOW 15,303.10 0.06% NASDAQ 3,459.14 -0.01% S&P 500 1,649.60 -0.06% VIX 13.99 -0.57%	SPX 500 (CFD) 1,652.60 0.18% DOW (CFD) 15,321.00 0.12% NASDAQ 100 2,994.80 0.13% EURUSD 1.293 -0.03%	UK 6,654.34 -0.63% GERMANY 8,305.32 -0.56% FRANCE 3,956.79 -0.26% SPAIN 8,264.60 -0.95%	H. KONG 22,618.70 -0.23% JAPAN 14,568.00 0.58% KOREA 1,973.45 0.22% SHANGHAI 2,288.53 0.57%	NAT GAS 4.23 -0.63% GOLD 1,382.90 -0.64% SILVER 22.30 -0.87% COPPER 3.29 -0.17%	FRANCE 2YR 0.19 -10.90% GERMAN 2YR 0.00 -120.00% ITALIAN 2YR 2.18 27.59% SPAIN 2YR 2.81 8.21%	FRANCE 10YR 1.94 0.31% GERMAN 10YR 1.43 -0.90% ITALIAN 10YR 4.14 2.68% SPAIN 10YR 4.42 2.91%	WTI 93.91 -0.36% BRENT 102.68 0.23% WTI/BRENT 8.77 321 CR SPR 21.96 10.04%