Winning a Loser's Game
Mentioned once across 1 show · first heard Aug 2025 on My First Million.
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Howard Marks👍 Recommends
…describing how a foundational article shaped his investment philosophy of avoiding losers
“Back in, back in, uh, 74, I think Charlie Ellis wrote an article winning the losers game where he said that because, uh, you can't predict the future, uh, active investing doesn't work. He was a believer in like the tennis player. You should try to avoid hitting losers and keep the ball in play. Um, and that has always defined my, uh, investing style.”
My First Million — 79 Years of Investing Wisdom in 55 Minutesat 39:00
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