Why the Best Trades Always Feel Wrong | Howard Marks

Ever feel like your best trades come with that weird, gut-wrenching feeling — that you're doing something wrong? Well, according to My First Million, Howard Marks points out that the most successful investors often experience exactly that. It’s because the best opportunities tend to look unattractive or risky at first glance. This discomfort isn’t a bug — it’s a feature. Marks suggests that when everyone else is panicking and playing it safe, that’s when the smart money steps in. And get this — research shows that the markets often punish the most promising moves in the short term, creating a false sense of failure. So, the real secret? The best trades feel wrong precisely because they challenge your instincts. The question is — will you lean into that discomfort or let fear keep you on the sidelines? As My First Million highlights, the winners are often those who ignore the noise and trust their judgment before the crowd catches on.