Howard Marks’ latest memo is a good read and discusses two very interesting topics 1) Role of luck in investing and 2) Are market efficient? I’m not going to cover the role of luck in investing in this post, but I do believe luck plays a role and luck happens to people who position themselves to take advantage of it. Market Efficiency The theory of efficient markets makes sense, as the more freely and quickly information flows, the market can incorporate that information instantaneously always providing “accurate” pricing using the latest information. However, humans still play a role in the...