This is Howard 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

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

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

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

family and quality of life count for more. I’m going to reorient my life and put less emphasis on work.”