Markets move in cycles, and few people understand these cycles better than Warren Buffett. In his 2006 Berkshire Hathaway Annual Meeting, Buffett offered a timeless lesson on speculation, commodities, and the dangers of chasing price trends. Buffett acknowledged that price movements often begin with legitimate fundamentals. “At the beginning, it’s … Read More
Howard Marks: What Warren Buffett Taught Me About ‘Desirable’ Information
In this presentation to Banco March, Howard Marks discusses the futility of predicting the future in investing, noting that most investors cannot accurately forecast macroeconomic factors like markets, currencies, or interest rates. He highlights quotes from John Kenneth Galbraith, Amos Tversky, and Mark Twain to stress the dangers of acting … Read More