This is Howard Marks.
Howard Marks MASTERPIECE Lecture for Stock Market Investors (Must Watch!)
youtu.beIn 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
“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
“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
Howard Marks's Book Recommendations
kevinrooke.com
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 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
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 lo... See more
family and quality of life count for more. I’m going to reorient my life and put less emphasis on work.”