This is Howard 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

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

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

it did in the past. And investments made on the assumptions that tomorrow will look like yesterday must be subject to vastly increased scrutiny.

"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

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