posted by mark
on Mon, 10/05/2020 - 21:04
"...a philosophy like mine comes from going through life with your eyes open. You must be aware of what's taking place in the world and of what results those events lead to. Only in this way can you put the lessons to work when similar circumstances materialize again. Failing to do this -- more than anything else -- is what dooms most investors to being victimized repeatedly by cycles of boom and bust. "
"...Good times teach only bad lessons: that investing is easy, that you know its secrets, and that you needn't worry about risk. The most valuable lessons are learned in tough times."
- Howard Marks, The Most Important Thing
