You can't predict. You can prepare.
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
Being too far ahead of your time is indistinguishable from being wrong.
Risk means more things can happen than will happen.
To achieve superior results, you have to have an edge in either information or analysis. And the former is increasingly hard to get.
The most important thing is being attentive to cycles.
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By failing to prepare, you are preparing to fail.
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Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match.
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The market can stay irrational longer than you can stay solvent.
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