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Howard Marks

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  • On Learning by Experience

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  • On Second Level Thinking: How Investor Actions Change Markets

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  • On Superior Judgment

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  • On Quantitative vs Qualitative Information

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  • On Skill vs Luck in Short Term Performance

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  • On Best Time to Find Bargains

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  • On Figuring Out Where We are in the Market Cycle

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  • On Keeping Emotions in Check

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  • On Importance of a Portfolio’s Offensive vs. Defensive Mix

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  • On Managing Risk Throughout a Market Cycle

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  • On Irrational Swings in Market Psychology

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  • On Good Reasons to Sell

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  • On Relative Selection

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  • On Why People Sell

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  • On Defining a Market Bubble

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  • On Market Timing

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  • On Volatility Index (VIX)

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  • On the Two Risks

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  • On Distressed Debt Investing

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  • On Risk of Markets Becoming Too Passive

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  • On Limits of Liquidity and ETFs

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  • On Lessons from 2008 Financial Crisis

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  • On the End of Market Cycles

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  • On Efficient Markets and Opportunities

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  • On Active vs Passive Investing

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  • On Judging Where We are in the Market Cycle

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  • On How Passive Strategies Might Change the Market

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  • On Every Strategy Goes Out of Favor

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  • On Visiting Companies for Research

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  • On Dealing with the Future

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  • On Randomness in Investing

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  • On the Error on Risk Premium

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  • On the Pendulum of Investor Behavior

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  • On Being a Contrarian

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  • On the Factor of Inexperience in the Market Cycle

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  • On Being Humble About the Future

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  • On Hedging Against Uncertainty and Outliers

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  • On Risk and Survival

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  • On a Willingness to Look Wrong

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  • On Typical Investor Mistakes

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  • On the Counterintuitive Nature of Investing

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  • On Trading Too Much

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  • On Portfolio Adjustments at Market Extremes

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  • On Recognizing the 2008 Financial Crisis

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  • On Why New Innovation Drives Asset Bubbles

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  • On the Mistake of Assuming Overpriced Markets Won’t Become More Overpriced

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  • On Controlling Emotions in Turbulent Markets

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  • On a Lesson on Skepticism

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  • On Adopting Uncomfortably Idiosyncratic Positions

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  • On Consistent Performance and Risk Management

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  • On Quantifying Risk

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  • On Survival and Humility

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  • On Success and Humility

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  • On Finding a Behavioral Balance

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  • On the Negative Art of Bond Investing

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  • On Howard Marks’s Investing Philosophy

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  • On Inefficient Markets are Where Mistakes are Being Made

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  • On the Negative Art of Investing

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  • On the Perversity of Risk

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  • On Macro Forecasting

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  • On the Housing Bubble and Financial Crisis

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  • On Market Cycles

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  • On Forecasting Extreme Events

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  • On What is a Market Bottom

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  • On the Risk of Market Timing

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  • On Inefficient Bond Markets

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  • On “Efficient” Markets and Superior Judgment

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