The Most Important Thing Quotes

“es difícil hacer predicciones precisas, especialmente si se refieren al futuro”
― Howard Marks, Lo más importante para invertir con sentido común

“la rentabilidad de una inversión es lo que se obtiene cuando una serie de acontecimientos —geopolíticos, macroeconómicos, a nivel de la empresa, técnicos y psicológicos— interactúan con una cartera diseñada a priori.”
― Howard Marks, Lo más importante para invertir con sentido común

“El resultado esperado se calcula ponderando la rentabilidad que se obtendría en cada escenario por su probabilidad de ocurrencia”
― Howard Marks, Lo más importante para invertir con sentido común

“The process of intelligently building a portfolio consists of buying the best investments, making room for them by selling lesser ones, and staying clear of the worst.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“HOWARD MARKS: Fear of looking wrong: Not only should the lonely and uncomfortable position be tolerated, it should be celebrated.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“a great deal of investment success can result from just being in the right place at the right time. I”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“The desire for more, the fear of missing out, the tendency to compare against others, the influence of the crowd and the dream of the sure thing—these factors are near universal. Thus they have a profound collective impact on most investors and most markets. This is especially true at the market extremes. The result is mistakes—frequent, widespread, recurring, expensive mistakes.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“The last four and a half years have been carefree, halcyon times for investors. That doesn’t mean it’ll stay that way. I’ll give Warren Buffett the last word, as I often do: “It’s only when the tide goes out that you find out who’s been swimming naked.” Pollyannas take note: the tide cannot come in forever.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“forecast key events, but it’s unlikely to be the same people consistently. The sum of this discussion suggests that, on balance, forecasts are of very little value.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“have”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“There aren’t always great things to do, and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism – waiting for bargains – is often your best strategy.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“A high-quality asset can constitute a good or bad buy, and a low-quality asset can constitute a good or bad buy. The tendency to mistake objective merit for investment opportunity, and the failure to distinguish between good assets and good buys, get most investors in trouble.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“Most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns...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 Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“Most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns...But it can’t always work that way, or else risk 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 Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor

“o In bubbles, infatuation with market momentum takes over from any notion of value and fair price, and greed (plus the pain of standing by as others make seemingly easy money) neutralises any prudence that might otherwise hold sway.”
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor