Howard Marks

The market is a pendulum that forever swings between extremes of fear and greed.

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

You need to be able to think clearly and rationally when everyone else is panicking.

Emotions are the enemy of sound investing.

Successful investing is about managing risk, not avoiding it.

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

The most valuable lessons come from the most painful mistakes.

Risk is what you don’t see.

Investing is not about how much you make, but how much you keep.

Patience is the key to successful investing.