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 loser when pitted against greed.”
“Pro-cyclical behavio... See more
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
One of the main reasons for the problem today at financial institutions is that ... See more
The Impact of Debt
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
“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
“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
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
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
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
Howard Marks: Luck, Risk and Avoiding Losers [The Knowledge ...
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