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The Real Edge: Applying What You Know

The Real Edge: Applying What You Know

The only true value in holding great intelligence in a field is being able to apply what you know to what you’re doing.

April 10, 2025

Every summer and during the Christmas holiday, Howard Marks, the co-founder of Oaktree Capital Management, writes a memo for all to see about his investment strategies for the upcoming season.

Marks doesn’t hold back. He is honest, forthcoming, and details what his company will be doing over the next months and years. Warren Buffett of Berkshire Hathaway pays close attention to Marks’s writing, saying, “When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book.”

Recently, on David Perell’s podcast, Perell asked Marks why he would share his secrets with his competitors. Marks said he didn’t feel he was giving away too much, and that the secret to success isn’t in knowing his concepts, but rather being able to implement the strategy—which Marks said most people won’t. Either they can’t, or they are unwilling.

What Marks is counting on with the freedom of his information is that most people, even those with the highest levels of intelligence, cannot apply the knowledge.

For us as leaders, practical intelligence holds greater value than any test scores or academic degrees. Being book smart is wonderful and helps at any dinner party or in conversations at the local coffee shop. The only true value in holding great intelligence in a field is being able to apply what you know to what you’re doing.

How do we, as lifelong learners, improve our practical knowledge? How can we take the book we are reading and apply it to our life? Improving practical knowledge involves several strategies that can enhance your understanding and application of concepts in real-world situations. Here are some effective methods.

One of the most effective strategies is to engage deeply with the material you are studying. This means going beyond passive reading and actively questioning, discussing, and reflecting on the content. Seek out opportunities to test your understanding through practical application and real-world scenarios. This might involve taking on new projects, seeking mentorship, or even teaching what you’ve learned to others.

Another valuable approach is to integrate cross-disciplinary knowledge and draw connections between seemingly unrelated fields. Innovation often happens at the intersection of different domains, and by broadening your horizons, you can develop a more nuanced and adaptable skill set.

Additionally, cultivating a mindset of continuous improvement and being open to feedback plays a crucial role. Practical knowledge is not static—it evolves with experience and learning. By consistently seeking feedback and being willing to make adjustments, you can refine your skills and stay relevant in your field.

What can we do to improve? Try these…

Hands-On Experience: Engage in projects, internships, or volunteer work in your area of interest. Real-world applications of knowledge reinforce learning.

Take Courses: Enroll in workshops, online courses, or classes that focus on practical skills relevant to your field.

Networking: Connect with professionals and peers in your area. Learning from their experiences can provide insights that books and courses might not cover.

Stay Updated: Follow industry trends, news, and publications related to your field. Understanding current developments can help you apply your knowledge more effectively.

Practice: Regularly implement what you learn through exercises, simulations, or scenarios. This helps solidify your understanding.

Join Study Groups: Collaborate with others to discuss concepts and share practical applications. Teaching and explaining topics to others can deepen your understanding.

Read Case Studies: Analyze real-life examples and case studies that relate to the information you're learning. This can provide context and enhance critical thinking.

Reflection: Take time to reflect on what you’ve learned and how you can apply it in practical situations. Journaling your thoughts can be beneficial.

By combining these approaches, you can foster a deeper, more practical understanding of the information relevant to your interests or career.

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