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Howard Marks Quotes

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Active Management, Aging, Bear Market, Behavior, Benchmarks, Bonds, Bull Market, Business, Career, Cash, Cash Flow, Competitive Advantage, Compound Return, Cyclical Stocks, Decisions, Diversification, Dividends, Earnings, Economic Cycle, Economics, Economists, Expansion, Fees, Forecasting, Gambling, Gold, Growth Stocks, Index Funds, Inflation, Interest Rate, Investing, Knowledge, Liquidity, Losses, Management, Margin Trading, Market Bubbles, Market Correction, Market Crash, Market Cycle, Market Efficiency, Market History, Market Timing, Math, Mistakes, Probability, Recession, Return, Risk, Risk Management, Savings, Security Analysis, Selling, Shareholders, Short Selling, Special Situations, Speculation, Stock Market, Stock Picking, Stocks, Taxes, Technology, Time Horizon, Turnover, Uncertainty, Valuation, Value Investing, Volatility, Wall Street,

Quote Authors

Benjamin Graham, Bernard Baruch, Charles Ellis, Charlie Munger, Chuck Akre, Daniel Kahneman, David Abrams, Dean Williams, Edward Thorp, Edwin Lefevre, Fred Schwed Jr, Henry Singleton, Hetty Green, Howard Marks, Joel Greenblatt, John Bogle, John Kenneth Galbraith, John Maynard Keynes, John Stuart Mill, John Templeton, Meir Statman, Myron Scholes, Peter Bernstein, Peter Lynch, Philip Carret, Philip Fisher, Richard Thaler, Robert Shiller, Seth Klarman, Stanley Druckenmiller, Walter Schloss, Warren Buffett,

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It's not earnings changes that cause stock price changes, but earnings changes that come as a surprise.
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Howard Marks
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It's important to recognize that the riskiness of investing comes only partly from the things you invest in. A lot of the risk comes from the behavior of the participants.
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Howard Marks
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Extrapolation is usually right, but not valuable, and predictions of deviation from trends are potentially profitable but rarely right. So far, macro-economic forecasting doesn't represent the path to superior investments.
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Howard Marks
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There's no asset so good that it can't be overpriced and become a bad investment, and very few assets are so bad they can't be underpriced and be a good investment.
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Howard Marks
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Almost any asset can be risky or safe, depending on how other investors treat it.
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Howard Marks
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There's no such thing as superior investing without superior judgment.
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Howard Marks
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I believe the market accurately reflects not the truth, which is what the efficient market hypothesis says, but it accurately and efficiently reflects everybody's opinion as to what's true.
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Howard Marks
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You have to buy an asset at a price that is attractive and reasonable for its value.
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Howard Marks
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If the discernment of value could be reduced to an algorithm and taught, then everybody would be Warren Buffett.
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Howard Marks
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Investing is a hard area for most people to figure out what to do.
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Howard Marks
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I've heard it said that an economist is a portfolio manager who never marks to market.
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Howard Marks
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I've listened to a lot of economic briefings, and I've had a lot of visits from economists, and I've never encountered one who was right consistently.
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Howard Marks
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On average, the average large-stock fund manager produces average returns before fees and below-average returns after fees. So compared with after-fee returns, an index fund is superior.
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Howard Marks
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If you think Treasuries have no risk and high yield bonds have risk, the yield spread is there to compensate for the bearing of that incremental risk. The question is whether it is adequate.
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Howard Marks
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When things go badly, people become cautious. Then their caution causes things to go well, and when things go well, they become incautious. I think that's a forever cycle.
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Howard Marks
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I spend a great deal of my personal time trying to figure out one thing, which is, at a given point in time, how should you balance aggressiveness and defensiveness in your portfolio.
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Howard Marks
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Being "right" doesn't lead to superior performance if the consensus forecast is also right.
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Howard Marks
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Most of us have roughly the same ability to predict the future. The trouble is, being right as often as the average forecaster won't produce superior results.
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Howard Marks
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Extreme predictions are rarely right, but they're the ones that make you big money.
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Howard Marks
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Potentially profitable, nonconsensus forecasts are very hard to believe in and act on for the simple reason that they are so far from conventional wisdom.
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Howard Marks
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Investment survival has to be achieved in the short run, not on average in the long run.
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Howard Marks
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I think that the business about volatility being risk is a con job which was perpetrated primarily because volatility is machinable.
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Howard Marks
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There's no such thing as a good idea or bad idea in the investment world. It's a good idea at a price, it's a bad idea at a price.
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Howard Marks
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Whenever we consider an investment, we think just as much or more about what can go wrong as about what can go right, and we put the avoidance of losses on a high pedestal.
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Howard Marks
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The point is to consider risk control, loss avoidance, at least as important as return.
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Howard Marks
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The market doesn't know everything, but it doesn't know nothing, and knowledge is cumulative. The market knows stuff now that it didn't know forty years ago, so it's harder to outperform.
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Howard Marks
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