Last week ace US fixed income investor Howard Marks was in Mumbai where he shared his successful approach to investing. Mr Marks, whose net worth is close to $2 billion, founded Oaktree Capital in 1995, which now manages more than $100 billion in assets. One of his ideas, popularised in his book, The Most Important Thing, is “second-level thinking”, which is nothing other than thinking differently from what is obvious. As Mr Marks describes it in his book, first-level thinking would say, “The outlook calls for low growth and rising inflation. Let’s dump our stocks” whereas the second-level thinking says,
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