Howard Marks - Great Investors Are Characterized by Exceptionally Low Levels of Loss
Interesting that we would likely characterize Warren Buffett this way, which makes sense given that Buffett's Investing rule No.1 is, "Don't lose money."
Marks thinks that great investors are really characterized by exceptionally low levels of loss and infrequency of bad years. He believes short-term performance is an imposter as the investment business is full of people who got famous for being right once.
You can be right once through nothing but luck.