Bernie Chan

“people should like something less when its price rises, but in investing they often like it more.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price, and no new buyers are left to emerge.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.”
― Howard Marks, Mastering The Market Cycle: Getting the odds on your side

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor