“Prices are too high” is far from synonymous with “the next move will be downward.” Things can be overpriced and stay that way for a long time . . . or become far more so.” — Howard Marks Copy Share Image
“The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear… — Howard Marks Copy Share Image
“If one is approached with a deal predicated on cycles having ceased to occur, remember that invariably that’s a losing bet.” — Howard Marks Copy Share Image
“The last four and a half years have been carefree, halcyon times for investors. That doesn’t mean it’ll stay that way. I’ll give Warren… — Howard Marks Copy Share Image
“•Scepticism and pessimism aren’t synonymous. Scepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.” — Howard Marks Copy Share Image
“Risk arises as investor behaviour alters the market. Investors bid up assets, accelerating into the present appreciation that otherwise would have occurred in the… — Howard Marks Copy Share Image
“Most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns...But it can’t always work that… — Howard Marks Copy Share Image
“HOWARD MARKS: Fear of looking wrong: Not only should the lonely and uncomfortable position be tolerated, it should be celebrated.” — Howard Marks Copy Share Image
“In good years, defensive investors have to be content with the knowledge that their gains, although perhaps less than maximal, were achieved with risk… — Howard Marks Copy Share Image
“Everything you needed to know in the years leading up to the crash could be discerned through awareness of what was going on in… — Howard Marks Copy Share Image
“An accurate opinion on valuation, loosely held, will be of limited help. An incorrect opinion on valuation, strongly held, is far worse. This one… — Howard Marks Copy Share Image
“There aren’t always great things to do, and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism – waiting for… — Howard Marks Copy Share Image
