📖Howard Marks
Patient Opportunism
Wait patiently for the best bargains.
Patient opportunism — waiting for bargains — is often your best strategy. The market eventually offers great opportunities to those who wait.
🏠 Everyday Analogy
📖 Core Interpretation
Howard Marks advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Time and patience create the best buying opportunities.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Dot-Com Bubble Peak (2000)
Tech stocks soared on unrealistic growth expectations, pushing valuations to extremes before the bubble burst.
✨ Outcome：Investors who recognized the late-cycle euphoria reduced exposure, preserved capital, and later bought quality tech at distressed prices.
2
Global Financial Crisis (2008)
Credit excesses and housing leverage culminated in a severe market crash and frozen credit markets.
✨ Outcome：Investors who maintained liquidity and a long-term view bought high-quality assets at deep discounts, benefiting from the subsequent recovery.
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