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“Well bought is half sold.”
Howard Marks, Paul Johnson • The Most Important Thing Illuminated

• Many people seem to attach less importance to lifetime careers and advancement.
Howard Marks • Howard Marks Memo - The Winds of Change
“The market can remain irrational longer than you can remain solvent.”
Howard Marks, Paul Johnson • The Most Important Thing Illuminated

That one is the fact that as technology and information play a bigger role in business and our lives, labor becomes less necessary
Howard Marks • Howard Marks Memo - The Winds of Change

The riskiest things: The greatest risk doesn’t come from low quality or high volatility. It comes from paying prices that are too high. This isn’t a theoretical risk; it’s very real.