Howard Marks

Risk is what you don’t see.

From The Most Important Thing

The most important thing is that you must be able to think independently.

From The Most Important Thing

The market is not a place for the faint of heart.

From The Most Important Thing

In investing, what is comfortable is rarely profitable.

From The Most Important Thing

The most important thing is to be able to distinguish between what is important and what is not.

From The Most Important Thing

Emotions are the enemy of sound investing.

From The Most Important Thing

Be fearful when others are greedy and greedy when others are fearful.

From The Most Important Thing

The most valuable lessons come from the most painful mistakes.

From The Most Important Thing

The ability to keep a cool head in a crisis is a key skill for investors.

From The Most Important Thing

You can’t predict the future, but you can prepare for it.

From The Most Important Thing