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
The most important thing is being attentive to cycles.
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
The most important thing is being attentive to cycles.
-- Howard Marks
Risk means more things can happen than will happen.
-- 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