Nick Carpenter > Nick's Quotes

“Instead of finding someone to blame and expecting them to take responsibility, what we need in order to save the planet from the huge risks of climate change is a realistic plan. We must put our efforts into inventing new technologies that will enable 11 billion people to live the life that we should expect all of them to strive for. The life we are living now on Level 4, but with smarter solutions.”
― Hans Rosling, Factfulness: Ten Reasons We're Wrong About the World – and Why Things Are Better Than You Think

“I like to say, “Experience is what you got when you didn’t get what you wanted.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“the three stages of a bull market”: the first stage, when only a few unusually perceptive people believe things will get better, the second stage, when most investors realize that improvement is actually taking place, and the third stage, when everyone concludes things will get better forever.”
― Howard Marks, Mastering The Market Cycle: Getting the odds on your side

“Like so many other things in the investment world that might be tried on the basis of certitude and precision, waiting for the bottom to start buying is a great example of folly. So if targeting the bottom is wrong, when should you buy? The answer’s simple: when price is below intrinsic value.”
― Howard Marks, Mastering The Market Cycle: Getting the odds on your side

“Skepticism and pessimism aren’t synonymous. Skepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.”
― Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side

“It follows from the above that risk is high when investors feel risk is low. And risk compensation is at a minimum just when risk is at a maximum (meaning risk compensation is most needed). So much for the rational investor!”
― Howard Marks, Mastering The Market Cycle: Getting the odds on your side

“It’s frightening to think that you might not know something, but more frightening to think that, by and large, the world is run by people who have faith that they know exactly what’s going on.”
― Howard Marks, The Most Important Thing: Uncommon Sense for The Thoughtful Investor

“Thus, the investor’s time is better spent trying to gain a knowledge advantage regarding “the knowable”: industries, companies and securities. The more micro your focus, the greater the likelihood you can learn things others don’t.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor