This is Howard Marks.

"For some reason, because of the way investor psychology works, people switch from only seeing the good to seeing only the bad.” -Marks

That one is the fact that as technology and information play a bigger role in business and our lives, labor becomes less necessary

To sum up, many workers experienced a “timeout” during the pandemic – not working, working parttime, working from home, and/or certainly not traveling on business. For many, this may have occasioned a reset, giving them an opportunity to conclude, “You know, my career isn’t everything;

“I like to say, “Experience is what you got when you didn’t get what you wanted.”

“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

the amount of borrowed money – leverage – that it’s prudent to use is purely a function of the riskiness and volatility of the assets it’s used to purchase. The more stable the assets, the more leverage it’s safe to use. Riskier assets, less leverage. It’s that simple.

One of the main reasons for the problem today at financial institutions is that... See more

“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