Marcos Castillo

“Participating in a field that everyone’s throwing money at is a formula for disaster.”
― Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side

“The market can remain irrational longer than you can remain solvent.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“After 28 years at this post, and 22 years before this in money management, I can sum up whatever wisdom I have accumulated this way: The trick is not to be the hottest stock-picker, the winningest forecaster, or the developer of the neatest model; such victories are transient. The trick is to survive! Performing that trick requires a strong stomach for being wrong because we are all going to be wrong more often then we expect. The future is not ours to know. But it helps to know that being wrong is inevitable and normal, not some terrible tragedy, not some awful failing in reasoning, not even bad luck in most instances. Being wrong comes with the franchise of an activity whose outcome depends on an unknown future . . . (Jeff Saut, “Being Wrong and Still Making Money,” Seeking Alpha, March 13, 2017, emphasis added)”
― Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side

“To describe risk aversion, I say most people prefer safety and disprefer risk—even though I’ve never seen the word “disprefer” in a dictionary. (There’s a big difference of opinion regarding the propriety of that word, with the linguistic establishment railing against it, but I think it’s a great word. If it doesn’t exist, it should.)”
― Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side