“The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and… — Howard Marks Investing 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… — Howard Marks Investing 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… — Howard Marks Doubt 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… — Howard Marks Investing 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… — Howard Marks Investing 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 Fear 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… — Howard Marks Investing 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… — Howard Marks Knowledge 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.… — 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 –… — Howard Marks Patience Copy Share Image
“Forgetfulness is the catalytic germ of spontaneous creativity” — Howard marks Creativity Copy Share Image
“little known and not fully understood; fundamentally questionable on the surface; controversial, unseemly or scary; deemed inappropriate for “respectable” portfolios; unappreciated, unpopular… — Howard Marks Little Known Copy Share Image
“Once in a while, however, the future turns out to be very different from the past. It’s at these times that accurate… — Howard Marks Time Copy Share Image
“If everyone likes it, it's probably because it has been doing well. Most people seem to think that outstanding performance to dates… — Howard Marks Outstanding performance Copy Share Image
“There are old investors, and there are bold investors, but there are no old bold investors.” — Howard Marks Investing Copy Share Image
“forecast key events, but it’s unlikely to be the same people consistently. The sum of this discussion suggests that, on balance, forecasts… — Howard Marks Copy Share Image
“o In bubbles, infatuation with market momentum takes over from any notion of value and fair price, and greed (plus the pain… — Howard Marks Easy money Copy Share Image
“Risk is incredibly important to investors. It’s also ephemeral and unmeasurable. All of this makes it very hard to recognize, especially when… — Howard Marks Investing Copy Share Image
“Expensive illogicalities and inefficiencies do not worry the monsters of American bureaucracy, and the taxpayers are enthusiastic and eager to spend fortunes… — Howard Marks Autobiography Copy Share Image
“the risk-free rate should be normalized in some way before being used to assess riskier investments.” — Howard Marks Investing Copy Share Image
“The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions… — Howard Marks Copy Share Image
“Prices are too high” is far from synonymous with “the next move will be downward.” Things can be overpriced and stay that… — Howard Marks Long time Copy Share Image
“Every once in a while, an up-or-down-leg goes on for a long time and/or to a great extreme and people start to… — Howard Marks Investing Copy Share Image
“Here’s the key to understanding risk: it’s largely a matter of opinion. It’s hard to be definitive about risk, even after the… — Howard Marks Risk Copy Share Image
