Tonight’s Must-Read: Howard Marks memo on Luck

One of my favorite investors and market commentators, Oaktree’s Howard Marks, tackles one of the most fascinating subjects in our profession – the role of luck – in his newest memo. Marks has been using these memos for years to communicate with clients and work out what he really thinks (kind of how I try to use this blog). They are considered must-read in most investing circles, Warren Buffett himself professes to have never missed one.

Thanks to Jacob from ValueWalk for posting this in its entirety, I won’t keep you a moment longer:

Getting Lucky (PDF)