Marks acknowledges the interplay of luck and skill in investment outcomes. He cautions against attributing success solely to skill, as randomness often plays a significant role. 'The correctness of a decision can’t be judged from the outcome,' he notes, emphasizing the importance of sound decision-making processes over results. This perspective encourages humility and continuous learning. | Howard Marks | The Most Important Thing

A Lifelong Learner's Fountain of Wisdom.

The Role of Luck and Skill

Marks acknowledges the interplay of luck and skill in investment outcomes. He cautions against attributing success solely to skill, as randomness often plays a significant role. 'The correctness of a decision can’t be judged from the outcome,' he notes, emphasizing the importance of sound decision-making processes over results. This perspective encourages humility and continuous learning.

-- Howard Marks