Howard Marks Quotes & Sayings

The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge — Howard Marks

Every once in a while, an up-or-down-leg goes on for a long time and/or to a great extreme and people start to say "this time it's different." They cite the changes in geopolitics, institutions, technology or behaviour that have rendered the "old rules" obsolete. They make investment decisions that extrapolate the recent trend. And then it turns out that the old rules still apply and the cycle resumes. In the end, trees don't grow to the sky, and few things go to zero. — Howard Marks

I like to say, "Experience is what you got when you didn't get what you wanted. — Howard Marks

Expensive illogicalities and inefficiencies do not worry the monsters of American bureaucracy, and the taxpayers are enthusiastic and eager to spend fortunes in the name of fighting crime. Prison places cost the US taxpayer more than university places. The American belief that prisons are the best way to combat crime has led to an incarceration rate that is at least five times that of almost any industrialised nation. Overcrowding is endemic. Conditions are appalling, varying from windowless, sensory-deprived isolation to barren futile brutality. — Howard Marks

Forgetfulness is the catalytic germ of spontaneous creativity — Howard Marks