Citations de Howard Marks

Toutes les Citations de Howard Marks

1. "There's no asset so good that it can't become a bad investment if bought at too high a price. And there are few assets so bad that they can't be a good investment when bought cheap enough."

   Source: The Most Important Thing (2011)

   Price paid determines investment outcome more than asset quality.

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2. "To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest reward."

   Source: The Most Important Thing (2011)

   The best values are found in despised assets.

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3. "First-level thinking says, 'It's a good company; let's buy the stock.' Second-level thinking says, 'It's a good company, but everyone thinks it's a great company, and it's not. So the stock's overrated and overpriced; let's sell.'"

   Source: The Most Important Thing (2011)

   Think beyond the obvious to find true value.

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4. "The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological. Buying quality without regard to price is as dangerous as buying price without regard to quality."

   Source: The Most Important Thing (2011)

   Balance quality assessment with price discipline.

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5. "High quality assets can be risky, and low quality assets can be safe. It's not what you buy, it's what you pay. Risk means more things can happen than will happen."

   Source: The Most Important Thing (2011)

   Quality alone does not determine risk.

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6. "The most important thing is being aware of what you don't know. We have to practice defensive investing, since many of the outcomes are controlled by luck."

   Source: The Most Important Thing (2011)

   Humility about uncertainty improves investment decisions.

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7. "First-level thinking is simplistic and superficial, and just about everyone can do it. Second-level thinking is deep, complex, and convoluted. The difference in workload between first-level and second-level thinking is clearly massive."

   Source: The Most Important Thing (2011)

   Think deeper than the consensus to outperform.

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8. "Investing requires finding situations where the risk-reward ratio is skewed in your favor. Success depends not on what you buy, but on what you pay for it."

   Source: The Most Important Thing (2011)

   Success is about asymmetric risk-reward.

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9. "Being right about something isn't at all synonymous with being right about it at the right time. You can be right about the value of something and still lose money if you're early."

   Source: The Most Important Thing (2011)

   Correctness without timing can still lead to losses.

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10. "Risk means more things can happen than will happen. The possibility of permanent loss is the risk I worry about. Everything else is just price fluctuation."

    Source: The Most Important Thing (2011)

    Focus on permanent loss, not volatility.

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11. "Rule number one: most things will prove to be cyclical. Rule number two: some of the greatest opportunities for gain and loss come when other people forget rule number one."

    Source: The Most Important Thing (2011)

    Markets move in cycles; forgetting this is costly.

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12. "The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum, it actually spends very little of its time there."

    Source: The Most Important Thing (2011)

    Markets spend most time at extremes, not at equilibrium.

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13. "We can never know where we're going, but we'd better have a good idea of where we are. The ability to assess market temperature — whether it's hot or cold — is essential."

    Source: The Most Important Thing (2011)

    Assess where we are in the cycle, not where we're going.

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14. "The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological. Emotion is the great enemy of good investing."

    Source: The Most Important Thing (2011)

    Psychology causes more investment errors than analysis.

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15. "Unconventionality is required for superior investment results. You can't do the same things others do and expect to outperform. Comfortable investing is rarely profitable."

    Source: The Most Important Thing (2011)

    Outperformance requires uncomfortable, unconventional thinking.

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16. "The most important thing is to know where you stand in the cycle and act accordingly. We might not know where we're going, but we should know where we are."

    Source: The Most Important Thing (2011)

    Awareness of cycle position guides investment decisions.

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17. "There are old investors, and there are bold investors, but there are no old bold investors. The road to long-term investment success runs through risk control more than aggressiveness."

    Source: The Most Important Thing (2011)

    Long-term success requires defensive orientation.

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18. "The biggest mistakes come from venturing outside your area of expertise. Stick to what you know and do it well."

    Source: The Most Important Thing (2011)

    Stay within your circle of expertise.

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19. "The most important thing is knowing what you don't know. Acknowledging your ignorance is the beginning of wisdom in investing."

    Source: The Most Important Thing (2011)

    Acknowledge what you don't know.

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20. "Patient opportunism — waiting for bargains — is often your best strategy. The market eventually offers great opportunities to those who wait."

    Source: The Most Important Thing (2011)

    Wait patiently for the best bargains.

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21. "If you buy right, time is on your side. Good investments get better with time; bad ones just get exposed."

    Source: The Most Important Thing (2011)

    Good investments compound value over time.

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22. "Short-term performance is meaningless. What matters is getting where you want to be over the long term with acceptable risk."

    Source: The Most Important Thing (2011)

    Focus on long-term outcomes, not short-term noise.

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23. "The hardest part of investing isn't buying at the bottom — it's selling when things are going well and prices exceed intrinsic value."

    Source: The Most Important Thing (2011)

    Selling well requires discipline when things look good.

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24. "To improve as an investor, you must honestly review your past decisions. Understanding your mistakes is the surest path to better outcomes."

    Source: The Most Important Thing (2011)

    Honest self-review drives investment improvement.

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25. "The key to selling is recognizing when the risk-reward has become unfavorable. When the potential downside exceeds the upside, it's time to move on."

    Source: The Most Important Thing (2011)

    Exit when risk-reward turns unfavorable.

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26. "First-level thinking says 'it's a good company, let's buy.' Second-level thinking says 'it's a good company, but everyone thinks it's great and it's overpriced, so let's sell.'"

    Source: The Most Important Thing (2011)

    Think beyond the obvious consensus.

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27. "Great investors achieve asymmetry: they participate fully in gains but limit losses. This is the holy grail of investing."

    Source: The Most Important Thing (2011)

    Aim for more upside than downside in every investment.

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28. "The market swings like a pendulum between euphoria and depression, rarely pausing at the midpoint. Understanding this cycle is key to timing."

    Source: The Most Important Thing (2011)

    Markets swing between extremes like a pendulum.

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29. "Good management can overcome a mediocre business situation, and bad management can ruin a great business. Judging management is critical."

    Source: The Most Important Thing (2011)

    Management quality can make or break an investment.

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30. "Understanding whether a business has a sustainable competitive advantage is fundamental to judging its long-term prospects."

    Source: The Most Important Thing (2011)

    Identify sustainable competitive advantages.

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31. "Understanding the dynamics of the industry is as important as understanding the company. Some industries are simply more investable than others."

    Source: The Most Important Thing (2011)

    Industry dynamics shape investment outcomes.

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32. "Experience is the best teacher in investing. Every cycle teaches lessons that books cannot. The key is to learn from both success and failure."

    Source: The Most Important Thing (2011)

    Learn from every market cycle.

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33. "The wise investor knows that certainty is an illusion. Embrace uncertainty, prepare for the unexpected, and never assume you know what's coming next."

    Source: The Most Important Thing (2011)

    Embrace uncertainty as the reality of investing.

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34. "Life and investing share a common truth: the future is unknowable. The best we can do is prepare for multiple outcomes and act with appropriate caution."

    Source: The Most Important Thing (2011)

    Prepare for multiple outcomes in an unknowable future.

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35. "The best stock picks often come from distressed situations where fear has driven prices far below intrinsic value. Courage and analysis are both required."

    Source: The Most Important Thing (2011)

    Distressed situations offer the best stock picks.

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36. "Credit markets often signal equity opportunities before they appear. When credit spreads widen dramatically, it's time to start looking for equity bargains."

    Source: The Most Important Thing (2011)

    Credit markets provide early signals for equity opportunities.

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37. "Be highly selective. It's better to make a few excellent investments than many mediocre ones. The quality of your picks matters more than the quantity."

    Source: The Most Important Thing (2011)

    Quality of stock picks matters more than quantity.

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38. "The greatest investing advantage is humility - knowing what you don't know and acting accordingly."

    Source: The Most Important Thing (2011)

    Knowing the limits of your knowledge creates competitive advantage

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39. "The key to investment success is waiting for the fat pitch - the opportunity that offers exceptional value with limited risk."

    Source: The Most Important Thing (2011)

    Patience to wait for obvious opportunities is crucial

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40. "To achieve superior results, you have to hold non-consensus views about value, and they have to be accurate."

    Source: The Most Important Thing (2011)

    Superior returns require correct contrarian views on value

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41. "The biggest investing errors come from psychological factors - greed, fear, envy, ego, and the desire to conform."

    Source: The Most Important Thing (2011)

    Psychology drives most investment mistakes, not analytical errors

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42. "The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint best describes the average, the pendulum spends very little time there."

    Source: The Most Important Thing (2011)

    Market psychology swings like a pendulum between extremes

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43. "Cycles will never stop. The rhythm of economic and market cycles is the most reliable feature of the investing world."

    Source: The Most Important Thing (2011)

    Economic and market cycles are inevitable and should guide strategy

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44. "Well-bought is half-sold. The most important thing is not what you buy, but what you pay for it."

    Source: The Most Important Thing (2011)

    Purchase price determines most of your eventual investment success

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45. "Skillful risk control is the mark of a superior investor. Great returns don't tell you much about risk - you need to know what risks were taken."

    Source: The Most Important Thing (2011)

    Superior investing requires managing risk, not just chasing returns

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46. "Risk means more things can happen than will happen. The possibility of permanent loss is the risk that matters most."

    Source: The Most Important Thing (2011)

    Permanent capital loss is the only risk that truly matters

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47. "Markets are not efficient or inefficient. They are efficient in some ways and inefficient in others."

    Source: The Most Important Thing (2011)

    Markets oscillate between efficiency and inefficiency across different dimensions

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48. "First-level thinking says, 'It's a good company; let's buy the stock.' Second-level thinking says..."

    Source: The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)

    Second-level thinking digs deeper than surface-level analysis

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