This is Howard 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

"For some reason, because of the way investor psychology works, people switch from only seeing the good to seeing only the bad.” -Marks

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

“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 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

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... See more

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