Mark Yusko, Founder & CEO of Morgan Creek Capital Management: Inside the Minds of the Best Investors in the World
The Pomp Podcast
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The Difference Between the Top Five Best and the Top One %?
Rightsis: I'm only rich because i admit my mistakes faster than other people. The difference is when you're speculating on something, when you're buying something just on price, and it moves against you, you're just wrong. When you buy something with a margin of safety and it continues to deteriorate as everybody else is puking it out, then you have the edge. And so e grand class, averaging down. Never ever ever average down. It's just, it's a horrible decision. You say all the time that you should average down. Well, averaging down is different than buying more of something as it becomes cheaper.
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