The most important thing is being attentive to cycles.

Investors
Howard Marks
Co-founder of Oaktree Capital and a leading distressed-debt investor. His memos, which Buffett reads first, and his book The Most Important Thing defined second-level thinking as a foundation of sound investing.
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Howard Marks's Other Quotes
Related Quotes
Know what you own, and know why you own it.
-- Peter Lynch
Invest in what you know.
-- Peter Lynch
In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.
-- Peter Lynch
You can't predict. You can prepare.
-- Howard Marks
The most important investment decision you will make is how to allocate your assets.
-- David F. Swensen
Investors should pay attention to what they own, not simply to the overall return of their portfolio.
-- David F. Swensen