In his 2011 book, "The Most Important Thing," Howard Marks, author and co-founder of asset management firm Oaktree Capital Management, put forward his idea of first and second-level thinking.
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The Most Important Thing
As he explained in the text, first and second-level thinking are different ways of thinking about the market. To achieve better-than-average returns, investors need to think better-than-average. That's where second-level thinking comes into play.
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