Kong

“Once in a while, however, the future turns out to be very different from the past. It’s at these times that accurate forecasts would be of great value. It’s also at these times that forecasts are least likely to be correct. Some forecasters may turn out to be correct at these pivotal moments, suggesting that it’s possible to correctly”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“Here’s the key to understanding risk: it’s largely a matter of opinion.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“There’s only one way to describe most investors: trend followers. Superior investors are the exact opposite. Superior investing, as I hope I’ve convinced you by now, requires second-level thinking—a way of thinking that’s different from that of others, more complex and more insightful.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor