My notes from Howard Marks' presentation on 2-Mar-17: • Definition of "great" companies is dubious. Very difficult to ident...

Finding bargains • Investment is the discipline of relative selection • Our goal isn't to find good assets, but good buys. Thus, it&...

Being attentive to cycles • Just about everything is cyclical. Cycles always prevail eventually. Nothing goes in one direction forever. A...

Howard Marks has written extensively on risk and its management. The riskiest things: the most dangerous investment conditions generally ...

There are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold tha...

Since other investors may be smart, well-informed and highly computerized, you must find and edge they don't have. You must think o...

Over the years, I have come to the conclusion that the most critical aspect in investing is to be able to build the right temperament. To...