--- title: "Meaning & Key Takeaway of: A high-quality asset can constitute a…" description: "\"“A high-quality asset can constitute a good or bad buy, and a low-quality asset can constitute a good or bad buy. The tendency to mistake objective mer..." image: "https://sms4smile.com/quotes/i/415/howard-marks-18029_customer_a-high-quality-asset-can-constitute-a-go_2433385.jpg" --- # A high-quality asset can constitute a good or bad buy, and… ![“A high-quality asset can constitute a good or bad buy, and a low-quality asset can constitute a good or bad buy. The tendency to mistake objective merit for investment opportunity, and the failure to distinguish between good assets and good buys, get most investors in trouble.” quote by Howard Marks](https://sms4smile.com/quotes/i/415/howard-marks-18029_customer_a-high-quality-asset-can-constitute-a-go_2433385.jpg) [Download](https://sms4smile.com/quotes/i/415/howard-marks-18029_customer_a-high-quality-asset-can-constitute-a-go_2433385.jpg) [Open image](https://sms4smile.com/quotes/i/415/howard-marks-18029_customer_a-high-quality-asset-can-constitute-a-go_2433385.jpg) > ““A high-quality asset can constitute a good or bad buy, and a low-quality asset can constitute a good or bad buy. The tendency to mistake objective merit for investment opportunity, and the failure to distinguish between good assets and good buys, get most investors in trouble.”” [Howard Marks](https://sms4smile.com/quotes/author/howard-marks/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Distinguishes between asset quality and purchase timing, warning that both high‑ and low‑quality assets can be mis‑bought if merit is confused with opportunity. **In simple terms:** Good assets can be bad buys and vice versa. Key Takeaway Evaluate both asset quality and timing before purchasing. Themes investment risk assessment decision making Mood analytical cautious Type financial educational When to use this quote - stock selection - portfolio construction - financial planning Key Concepts value investing behavioral finance Questions to Reflect On - Are you judging assets by merit or hype? - How do you separate quality from timing? A Different Perspective Market sentiment can cloud objective analysis. ★ ★ ★ ★ ★ No ratings yet [Asset Constitute](https://sms4smile.com/quotes/about/asset-constitute-308870/) [Assets Good](https://sms4smile.com/quotes/about/assets-good-308868/) [Customer](https://sms4smile.com/quotes/about/customer/) [Distinguish Good](https://sms4smile.com/quotes/about/distinguish-good-308871/) [Good Assets](https://sms4smile.com/quotes/about/good-assets-308867/) [Investing](https://sms4smile.com/quotes/about/investing/) [Quality Asset](https://sms4smile.com/quotes/about/quality-asset-308869/) ## Related quotes > [EBay is a great company. There are a lot of good assets and good customers, and the U.S. people love it.](https://sms4smile.com/quotes/jack-ma/ebay-is-a-great-company-there-are-a-lot-of-good-assets-and-good/) [Jack Ma](https://sms4smile.com/quotes/author/jack-ma/) > [As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. 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