32 Quotes by Howard Marks

Investment success doesn’t come from “buying good things,” but rather from “buying things well.

We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.

What the wise man does in the beginning, the fool does in the end.

There are three ingredients for success – aggressiveness, timing and skill – and if you have enough aggressiveness at the right time, you don’t need that much skill.

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

The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological. Investor.

I like to say, “Experience is what you got when you didn’t get what you wanted.

The desire for more, the fear of missing out, the tendency to compare against others, the influence of the crowd and the dream of the sure thing – these factors are near universal. Thus they have a profound collective impact on most investors and most markets. The result is mistakes, and those mistakes are frequent, widespread and recurring.

There’s only one way to describe most investors: trend followers. Superior investors are the exact opposite. Superior investing, as I hope I’ve convinced you by now, requires second-level thinking – a way of thinking that’s different from that of others, more complex and more insightful.