Nick Carpenter

“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

“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

“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

“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