Readings: Howard Marks spells it out

For a brilliantly clear roadmap not just about how we got here, but where we are, read this memo from Howard Marks of Oaktree Clients (via ZeroHedge). It’s 16 pages, but if you’re one of those trying to learn from the crisis, there’s never a dull moment, with a multi-bullet point description of how investing on Wall Street went wrong. And a lot of insights thrown in for good measure.

“I want to share a quote I recently came across from Albert Einstein. I’ve often argued that the key to successful investing lies in subjective judgments made by experienced, insightful professionals, not machinable processes, decision rules and algorithms. I love the way Einstein put it: ‘Not everything that can be counted counts, and not everything that counts can be counted.’ “

The parallels or the lessons in this for property are too obvious to mention.

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