Winning the Loser's Game
by Charles D. Ellis
Mentioned once across 1 show · first heard Mar 2026 on My First Million.
The general take
Howard Marks credits the book with a compelling insight: that since you can't predict the future, active investing doesn't work, so the smart approach is to avoid bad bets rather than chase winners—basically keeping the ball in play instead of swinging for home runs. He frames it as rooted in efficient market theory and seems to view it as a foundational idea worth knowing.
About
The definitive guide to long-term investing success―fully updated to address the realities of today’s markets Technology, information overload, and increasing market dominance by expert investors and computers make it harder than ever to produce investing results that overcome operating costs and fees. Winning the Loser’s Game reveals everything you need to know to reduce costs, fees, and taxes, and focus on long-term policies that are right for you. Candid, short, and super easy to read, Winning the Loser’s Game walks you through the process of developing and implementing a powerful investing strategy that generates solid profits year after year. In this eagerly awaited new edition, Charles D. Ellis applies the expertise developed over his long, illustrious career.
Who said what
Howard Marks👍 Recommends
…influential investing philosophy about avoiding losses rather than chasing winners
“And then, you know, back in, back in, uh, 74, I think Charlie Ellis wrote an article winning the loser's game where he said that because, uh, you can't predict the future, uh, active investing doesn't work. He was a believer in the efficient market. So rather than try to hit winners 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 — Best of MFM: Listen To This Before You Invest Another Dollarat 18:57
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