This is Howard Marks.
A few quotes...
“Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios which frequently appear downright imprudent in the eyes of conventional wisdom.”
“Memory – and the resulting prudence – always comes out the... See more
it did in the past. And investments made on the assumptions that tomorrow will look like yesterday must be subject to vastly increased scrutiny.
Howard Marks • Howard Marks Memo - The Winds of Change
Howard Marks MASTERPIECE Lecture for Stock Market Investors (Must Watch!)
youtu.be“One of the biggest mistakes you can make is to think that overpriced and going down tomorrow are synonymous. Markets that are overpriced often keep going.” -Marks
“I like to say, “Experience is what you got when you didn’t get what you wanted.”
Howard Marks Quotes (Author of The Warren Buffett Way)
he most important adage regarding leverage reminds us to “never forget the six-foot-tall person who drowned crossing the stream that was five feet deep on average.
The Impact of Debt
“The pendulum of investment psychology is constantly fluctuating between optimism and pessimism, between greed and fear, between credulousness and skepticism, between risk tolerance and risk aversion.” -Marks
family and quality of life count for more. I’m going to reorient my life and put less emphasis on work.”
Howard Marks • Howard Marks Memo - The Winds of Change
In all aspects of our lives, we base our decisions on what we think probably will happen. And, in turn, we base that to a great extent on what usually happened in the past