Efficient Markets

Howard Marks is one of the most successful investors in recent history. His firm Oaktree Capital's average return across their 17 funds is 19% net of fees over the last 22 years. His memo's are often full of incredibly insightful and lucid observations not just of the financial sphere but the world in general. The last piece on luck and the efficient markets hypothesis is true to form - http://www.oaktreecapital.com/memo.aspx