Nassim Taleb on memory
"Conventional wisdom holds that memory is like a serial recording device like a computer diskette. In reality, memory is dynamic—not static—like a paper on which new texts (or new versions of the same text) will be continuously recorded, thanks to the power of posterior information....Memory is more of a self-serving dynamic revision machine: you remember the last time you remembered the event and, without realizing it, change the story at every subsequent remembrance."
-Nassim Taleb, The Black Swan
"...the same condition that makes us simplify pushes us to think that the world is less random than it actually is." -Nassim Taleb, The Black Swan
Howard Marks on investment careers
"One of the most striking things I’ve noted over the last 35 years is how brief most outstanding investment careers are....I don’t think many investment managers’ careers end because they fail to hit home runs. Rather, they end up out of the game because they strike out too often – not because they don’t have enough winners, but because they have too many losers. And yet, lots of managers keep swinging for the fences."
Howard Marks on partner interaction at Oaktree (2003)
"...our interaction at Oaktree is highly symbiotic, and we’re fortunate enough to appreciate that fact. I know my partners do a better job of portfolio management than I ever did. And they’re glad to have me out visiting our clients, so they can stay back and manage their portfolios."
"Conventional wisdom holds that memory is like a serial recording device like a computer diskette. In reality, memory is dynamic—not static—like a paper on which new texts (or new versions of the same text) will be continuously recorded, thanks to the power of posterior information....Memory is more of a self-serving dynamic revision machine: you remember the last time you remembered the event and, without realizing it, change the story at every subsequent remembrance."
-Nassim Taleb, The Black Swan
"...the same condition that makes us simplify pushes us to think that the world is less random than it actually is." -Nassim Taleb, The Black Swan
Howard Marks on investment careers
"One of the most striking things I’ve noted over the last 35 years is how brief most outstanding investment careers are....I don’t think many investment managers’ careers end because they fail to hit home runs. Rather, they end up out of the game because they strike out too often – not because they don’t have enough winners, but because they have too many losers. And yet, lots of managers keep swinging for the fences."
Howard Marks on partner interaction at Oaktree (2003)
"...our interaction at Oaktree is highly symbiotic, and we’re fortunate enough to appreciate that fact. I know my partners do a better job of portfolio management than I ever did. And they’re glad to have me out visiting our clients, so they can stay back and manage their portfolios."
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