This is Howard Marks.
Best Quotes from Each Chapter of “The Most Important Thing” by Howard Marks
medium.com
“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
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
“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
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
“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
• Many people seem to attach less importance to lifetime careers and advancement.
Howard Marks • Howard Marks Memo - The Winds of Change
"For some reason, because of the way investor psychology works, people switch from only seeing the good to seeing only the bad.” -Marks