Howard Marks

Well, but we need to have some competitive advantages left, you know.

But I think it comes from qualitative and future.

I always say that I don't think that a computer can sit down with five business plans and figure out which one is Amazon in advance or meet five CEOs and know which one is Steve Jobs.

And not many people can do it either.

That's the important thing.

But the few who can, can really help their clients.

And if the person who finds Amazon can also find Google and can find Facebook, and to the point where you can conclude, okay, it's skill, not luck, then you really have something.

Well, that's a great question.

I was having lunch with Charlie Munger back in 2011 when Most Important Thing was about to come out because he worked downtown right next to me in the building next door.

And when I got up to go, he said, just remember, none of this is meant to be easy.

Anybody who thinks it's easy is stupid.

And so I wrote a memo, I think it was September 15, if I'm not mistaken.

And I talked about that.

I called it, It's Not Easy.

A friend of mine wrote a book on investing in the UK and the title is Simple But Not Easy.

The things we're supposed to do are simple to describe.

It's just not easy to do them, A, better than other people and B, consistently and C, over time.

It all comes down to judgment.

Now, that's not your question, Ben.

Your question is, where does it come from?