The Most Important Thing Illuminated by Howard Marks
Author:Howard Marks [Marks, Howard]
Language: eng
Format: epub
Tags: -
ISBN: 9780231530798
Publisher: Columbia University Press
Published: 2012-12-03T05:00:00+00:00
JOEL GREENBLATT: Buffett’s famous line about the economics of airlines comes to mind. Aviation is a huge and valuable innovation. That’s not the same thing as saying it’s a good business. Buffett said that a true capitalist would have shot down Wilbur in Kitty Hawk given the capital-destroying history of the aviation industry.
Greed, excitement, illogicality, suspension of disbelief and ignoring value cost people a lot of money in the tech bubble. And, by the way, a lot of brilliant, disciplined value investors looked dumb in the months and years before the bubble burst—which of course it eventually did.
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