11 months ago • 3:46 mins
Legendary investor Howard Marks has constantly stressed the importance of “second-level thinking” – identifying the less-obvious consequences of a market-moving event – over the easy conclusions of “first-level thinking”. But with so many investors falling for a classic example of the latter right now, this seems like the perfect moment to make sure you’re in the esteemed group of second-level thinkers.
The conflict in Ukraine sent the price of oil to a 14-year high earlier this week, and that’s brought many investors to a straightforward conclusion: that surging oil prices will cause prices
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