The Most Important Thing: Uncommon Sense for The Thoughtful Investor

by Howard Marks

withstand declines on the scale we’ve witnessed this year [2008], it’s possible no leverage would ever be used. Is that a reasonable reaction? (In fact, it’s possible that no one would ever invest in these asset classes, even on an unlevered basis.)

“What the wise man does in the beginning, the fool does in the end.”