"A gambler bet everything on a race with only one horse. Confident he'd win, he watched as the race began. Halfway through, the horse jumped the fence."

Nice quote from Howard Marks. This is the certainty paradox. Whether in life or markets, the only certainty is uncertainty.

Lessons for investors:
*There are always things that are out of our control. Best we can do is to make calculated and educated decisions.
*Hence, we should be humble, not hubristic.
*Don't let greed take away your sanity.
*Pay only with what you have. Don't use leverage, in any circumstances whatsoever!

$STAA $JTPE $BBCA