Howard Marks

t’s hard to consistently do the right thing as an investor. But it’s impossible to consistently do the right thing at the right time

Chances to buy well below actual value don’t come along every day, and you should welcome them. Warren Buffett describes them as “buying dollars for fifty cents.”

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

people want less of something at higher prices and more of it at lower prices

If you liked it at 60, you should like it more at 50 … and much more at 40 and 30. But it’s not that easy

“Maybe it’s not me who’s right. Maybe it’s the market.” The danger is maximized when they start to think, “It’s down so much, I’d better get out before it goes to zero.” That’s the kind of thinking that makes bottoms

An accurate estimate of intrinsic value is the essential foundation for steady, unemotional and potentially profitable investing

Bottom line: there’s no such thing as a good or bad idea regardless of price!

but most of the time a security’s price will be affected at least as much—and its shortterm fluctuations determined primarily— by two other factors: psychology and technicals

Believe me, there’s nothing better than buying from someone who has to sell regardless of price during a crash