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

“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