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Howard S. Marks Quotes

"Successful investing requires a careful balancing of objective analysis and subjective conviction based on market psychology""The future is inherently unforecastable, the nature of investing is that the decisions you have to make now concern a future that is inherently unknown""The real test in investing is not the ability to say who will be in favor in the future or what will do best It’s the ability to say that when nobody else is really willing to buy""The themes of cycles are really the only things you have to understand in order to understand everything I took away from 50 years in the markets""You can’t predict people’s emotions Don't even try. Instead, wait for those emotions to hit extremes, and then take action against them""Being too far ahead of your time is indistinguishable from being wrong""When things are going well, it’s hard to imagine that they could ever go poorly. And when things are going poorly, it’s hard to imagine that they could ever go well again""It is more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones""The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological""You can't control the environment, but you can control how you play the hand""You must strike a reasonable balance between risk and return""Investment success doesn’t come from buying good things, but rather from buying things well""Experience is what you got when you didn't get what you wanted""The most important thing is to be aware of what you don’t know""You can't predict, you can prepare ""Risk means more things can happen than will happen ""One of the most fundamental points is that there's no such thing as a good or bad idea regardless of price "