Second-Level Thinking in the Investment World

Howard Marks is out with his latest memo and, as always, it's something for every investor to read. The theme of this memo revolves around what Marks calls "second level thinking," or going beyond what the crowd's thesis is and how hard that really is to do in practice. That's especially true these days with the flood of information available on the web as well as on business news networks, chat rooms and other locales. It's rare that someone finds and insight that the crowd doesn't already know about. 

The full memo can also be accessed HERE as well as below.