49 Howard S. Marks Quotes on Success (INVESTING)

Top 10 Most Famous Howard S. Marks Quotes (BEST)

“For investing to be reliably successful, an accurate estimate of intrinsic value is the indispensable starting point. Without it, any hope for consistent success as an investor is just that: hope.”
Howard S. Marks

The difference between successful people and really successful people is that really successful people say no to almost everything. — The difference between **successful** people and really successful people is that really successful people say no to almost everything.

Investment success doesn't come from 'buying good things, but rather from 'buying things well.' — Investment **success** doesn’t come from ‘buying good things, but rather from ‘buying things well.’

Investing, like economics, is more art than science. And that means it can get a little messy. — **Investing**, like economics, is more art than science. And that means it can get a little messy.

Your goal in investing isn't to earn average returns; you want to do better than average. — Your goal in **investing** isn’t to earn average returns; you want to do better than average.

“Most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns. The market has to set things up to look like that’ll be the case; if it didn’t, people wouldn’t make risky investments. But it can’t always work that way, or else risky investments wouldn’t be risky. And when risk bearing doesn’t work, it really doesn’t work, and people are reminded what risk’s all about.”
Howard S. Marks

If something is not going to be an obvious double in a short period of time - you know, 2 to 3 years - I have to show interest. — If something is not going to be an obvious double in a short period of **time** – you know, 2 to 3 years – I have to show interest.

I like to say, 'Experience is what you got when you didn’t get what you wanted.' — I like to say, ‘Experience is what you got when you didn’t get what you wanted.’

There are old investors, and there are bold investors, but there are no old bold investors.

Second-level thinkers know that, to achieve superior results, they have to have an edge in either information or analysis, or both.

11 Howard S. Marks Quotes on Investment Risk

When you boil it all down, it's the investor's job to intelligently bear risk for profit. Doing it well is what separates the best from the rest. — When you boil it all down, it’s the investor’s job to intelligently bear risk for profit. Doing it well is what separates the best from the rest.

Investment risk comes primarily from too high prices, and too high prices often come from excessive optimism and inadequate skepticism and risk aversion. — Investment risk comes primarily from too high prices, and too high prices often come from excessive **optimism** and inadequate skepticism and risk aversion.

Great investing requires both generating returns and controlling risk. And recognizing risks is an absolute prerequisite for controlling it.

Many of the great financial disasters we've seen have been failures to foresee and manage risk. — Many of the great financial disasters we’ve seen have been **failures** to foresee and manage risk.

Risk means uncertainty about which outcomes will occur and about the possibility of loss when the unfavorable ones do.

Risk arises when markets go so high that prices imply losses rather than the potential rewards they should.

Risk cannot be eliminated; it just gets transferred and spread.

The risk-is-gone myth is one of the most dangerous sources of risk, and a major contributor to any bubble.

The truth is, the herd is wrong about risk at least as often as it is about return.

Here’s the key to understanding risk: it’s largely a matter of opinion.

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

11 Howard S. Marks Quotes on Money and Investing

“Market prices are often wrong. Because access to information and the analysis thereof are highly imperfect, market prices are often far above or far below intrinsic values.”
Howard S. Marks

Millions of people are competing for each available dollar of investment gain. Who'll get it? The person who's a step ahead. — Millions of people are competing for each available dollar of **investment** gain. Who’ll get it? The person who’s a step ahead.

What the wise man does in the beginning, the fool does in the end. — What the **wise** man does in the beginning, the fool does in the end.

You can't do the same things others do and expect to outperform. — You can’t do the same things others do and expect to outperform.

Not only should the lonely and uncomfortable position be tolerated, it should be celebrated.

The safest and most potentially profitable thing is to buy something when no one likes it.

To beat the market you must hold an idiosyncratic, or nonconsensus, view.

Nothing goes in one direction forever… Cycles always prevail eventually… Just about everything is cyclical.

The fact that a stock's price has risen for the last ten days tell you nothing about what it will do tomorrow. — The fact that a stock’s price has risen for the last ten days tell you nothing about what it will do tomorrow.

Return alone — and especially return over short periods of time — says very little about the quality of investment decisions.

Skillful risk control is the mark of the superior investor.

12 Wise Howard S. Marks Quotes that Will Make You Think

“The key turning point in my investment career came when I concluded that because the notion of market efficiency has relevance, I should limit my efforts to relatively inefficient markets where hard work and skill would pay off best.”
Howard S. Marks

The oldest rule in investing is also the simplest: 'Buy low; sell high.' But what, in turn, does that mean? What's high, and what's low? — The oldest rule in investing is also the simplest: ‘Buy low; sell high.’ But what, in turn, does that mean? What’s high, and what’s low?

First-level thinkers look for simple formulas and easy answers. Second-level thinkers know that success in investing is the antithesis of simple.

No matter how good fundamentals may be, humans exercising their greed and propensity to err have the ability to screw things up. — No matter how good fundamentals may be, humans exercising their **greed** and propensity to err have the ability to screw things up.

“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price, and no new buyers are left to emerge.”
Howard S. Marks