Acknowledge that you, yourself, are often the greatest impediment to your own success. It is sobering to realize that the acquisition of knowledge does not guarantee wisdom in its application — most investors know what they should do, but systematically fail to do it because of psychological forces they neither recognize nor control.

— Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)
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@underscored·November 12, 2026