This is Howard Marks.
“To be a great investor, you must have an approach, and you have to stick to it, despite the times when it’s not working.” -Marks
“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
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 loser when pitted against greed.”
“Pro-cyclical behavio... See more
“I believe it is highly possible to improve your long-term results by adjusting your investment position at the extremes of the cycle. Not that often. But at the extremes.” -Marks
“I don’t write to make investing easy. I write to show how hard it is so that people won’t try tricks that they can’t do.” -Marks
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
Howard Marks MASTERPIECE Lecture for Stock Market Investors (Must Watch!)
youtu.be“Investing is a funny business. It's really easy to be average. Just buy an index fund. It's really hard to be above average.” -Marks
Best Quotes from Each Chapter of “The Most Important Thing” by Howard Marks
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