The most important thing is being attentive to cycles.

Howard Marks

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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Source: The Most Important Thing: Uncommon Sense for the Thoughtful InvestorVerified

Howard Marks's Other Quotes

You can't predict. You can prepare.

To achieve superior results, you have to have an edge in either information or analysis. And the former is increasingly hard to get.

Being too far ahead of your time is indistinguishable from being wrong.

Risk means more things can happen than will happen.

Related Quotes

By failing to prepare, you are preparing to fail.

-- Benjamin Franklin

Conceive optimistically, plan pessimistically, execute optimistically.

-- Kazuo Inamori

You can't predict. You can prepare.

-- Howard Marks

I try to invest in companies where the downside is limited and the upside is significant.

-- Bruce Berkowitz

Concentration is the key. If you believe in something, you should bet big on it.

-- Bruce Berkowitz

The bulls might be right that the company's accounting is fine, but they're asking us to take it on faith. We prefer to verify.

-- David Einhorn