LESS EXTREME THINKING

🎯 Less extreme thinking is an important principle in investing. Howard Marks points out that, when it comes to markets, there are no absolutes like “get out” or “it’s time.” The media may love categorical statements, but in reality, the right course of action is often somewhere in between.

💡 Investing is not about black or white, in or out, or risky or safe. The key word here is calibration—continuously adjusting your portfolio, capital allocation, and risk management to the realities of the situation. Calibration is not just about forecasting, but also about balancing offense and defense, allowing you to maintain a flexible position in all market conditions.

🔑 Core message: Investing is not a game of extreme decisions. True success comes from the ability to continuously calibrate your strategy. Flexibility in adjustment helps you cope with market fluctuations, not falling into the trap of extreme choices like "in or out".

—

⚖️ Not white, not black,

🔄 Calibration between the two banks,

🎯 Balanced attack.

—

#Write2Win