posted by mark
on Tue, 08/11/2020 - 12:45
“The odds change as our position in the cycles changes. If we don’t change our investment stance as these things change, we are being passive regarding cycles; in other words, we’re ignoring the chance to tilt the odds in our favor. But if we apply some insight regarding cycles, we can increase our bets and place them on more aggressive investments when the odds are in our favor, and we can take money off the table and increase our defensiveness when the odds are against us.”
- Howard Marks from Mastering the Market Cycle
“When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something, and that goes double for his book.”
- Warren Buffett
