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The Most Important Thing by Howard Marks

Appreciating The Role Of Luck

The truth is, much in investing is ruled by luck.


Howard considers the book "Fooled By Randomness" by Nassim Nicholas Taleb, one of the most important books an investor can read.


Outcomes that hinge on random events should be viewed differently from those that do not.


When things go right, luck looks like skill.


Investors are right and wrong all the time for the wrong reason.


A good decision is one that is optimal at the time it was made when the future is unknown. Thus, correct decisions are often unsuccessful and vise vera. The quality of a decision is not determined by the outcome.

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Jeremy Silva

Jeremy Silva lives near San Francisco with his wife and son. He is a writer, blogger, and personal investor. He is passionate about education, personal development, project management, and investing. His blog has over 100 book summaries on many topics including investing, self-help, and business. You can click on the link to read some interesting book summaries on Jeremy’s website (https://jsilva.blog/book-summaries/).