Citat av Howard Marks

”Risk means more things can happen than will happen.”

”The possibility of permanent loss is the risk I worry about.”

”You can’t predict. You can prepare.”

”It’s not what you buy; it’s what you pay for it.”

“The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.”

“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.”

“We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.”

“The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear of the worst.”

“Successful investing requires thoughtful attention to many separate aspects, all at the same time. Omit any one and the result is likely to be less than satisfactory.”

”Risk control is the best route to loss avoidance. Risk avoidance, on the other hand, is likely to lead to return avoidance as well.”

”When everyone believes something embodies no risk, they usually bid it up to the point where it’s enormously risky.”

”A portfolio that contains too little risk can make you underperform in a bull market, but no one ever went bust from that; there are far worse fates.”