This is Howard 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
To sum up, many workers experienced a “timeout” during the pandemic – not working, working parttime, working from home, and/or certainly not traveling on business. For many, this may have occasioned a reset, giving them an opportunity to conclude, “You know, my career isn’t everything;
Howard Marks • Howard Marks Memo - The Winds of Change
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
Invest Like the Best with Patrick O'Shaughnessy: Howard Marks - Embracing the Psychology of Investing on Apple Podcasts
podcasts.apple.comfamily and quality of life count for more. I’m going to reorient my life and put less emphasis on work.”
Howard Marks • Howard Marks Memo - The Winds of Change
“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
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
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