Gustavo Ballvé on January 17th, 2013
Banks, Diversified financials, Food for thought, Home, Investment Themes, Portfolio Management, Risk management, Signal or Noise

In the second update to our “Is investing in banks too hard?” original post (here’s the first update), a reader has sent us a Howard Marks interview (in 2009, for Graham & Doddsville) that has Mr. Marks’ views on analyzing banks. In summary, says the Oaktree Chairman, “they just don’t have analyzability” (see page 7 for the part on financials). The interview is a great summary of Mr. Marks’ views on risk management, practicing what you preach and is an amazing read. Thanks again for our reader and please keep the stories coming!

Being regular readers of both Oaktree letters and Graham & Doddsville newsletters, I was sadly reminded (by overlooking this interview) of the major challenge that this blog, somehow, tries to help me and hopefully readers solve: how to not only accumulate knowledge and mental models/ frameworks, but retrieve it when we need it the most. Actionable knowledge is the endgame.

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