It is hard to imagine an occupation where experience is more valuable than investing.
The greatest lessons of investing are learned through mistakes. Ideally you learn from the mistakes others have made, but realistically you are going to make your share of your own.
Howard Marks (Trades, Portfolio) of Oak Tree thinks it might take a full 10 years before you are really going to have enough experience to know whether or not you have what it takes as an investor.
Marks thinks it is crucial for investors to be honest with themselves and analyze whether or not they have a superior ability to determine which stocks are cheap and which companies will succeed.
