Howard Marks

Buy low; sell high

buy at a price below intrinsic value, and sell at a higher price

if something cannot go on forever, it will stop.

The way I see it, day traders considered themselves successful if they bought a stock at $10 and sold at $11, bought it back the next week at $24 and sold at $25, and bought it a week later at $39 and sold at $40.

t’s hard to consistently do the right thing as an investor. But it’s impossible to consistently do the right thing at the right time

Chances to buy well below actual value don’t come along every day, and you should welcome them. Warren Buffett describes them as “buying dollars for fifty cents.”

Being too far ahead of your time is indistinguishable from being wrong

people want less of something at higher prices and more of it at lower prices

If you liked it at 60, you should like it more at 50 … and much more at 40 and 30. But it’s not that easy

“Maybe it’s not me who’s right. Maybe it’s the market.” The danger is maximized when they start to think, “It’s down so much, I’d better get out before it goes to zero.” That’s the kind of thinking that makes bottoms