Marcos Castillo

“Our caution sometimes caused us to lag a bit behind our benchmarks, but we considered that a small price to pay for being prepared for what we thought might come.”
― Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side

“the first step is to realize that success or failure sometimes arises neither from great skill nor from great incompetence but from, as the economist Armen Alchian wrote, “fortuitous circumstances.” Random processes are fundamental in nature and are ubiquitous in our everyday lives, yet most people do not understand them or think much about them.”
― 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

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