"The bottom line for me is that I’m not at all troubled saying (a) markets may well be considerably lower sometime in the coming months and (b) we’re buying today when we find good value. I don’t find these statements inconsistent."
Howard Marks. 5/6/2020 https://www.oaktreecapital.com/docs/default-source/memos/calibrating.pdf …
"If something’s cheap – based on the relationship between price and intrinsic value – you should buy, and if it cheapens further, you should buy more.... It’s not easy to buy when news is terrible, prices are collapsing and it’s impossible to have an idea where the bottom lies."
"If investors want to buy, they should buy on the way down. That’s when the sellers are feeling the most urgency and the buyers’ buying won’t arrest the downward cascade of security prices." Howard Marks
"Rule 1: Most things will prove to be cyclical. Rule 2: Some of the greatest opportunities for gain and loss come when other people forget Rule 1....We can make excellent investment decisions on the basis of present observations, with no need to make guesses about the future.” HM
Howard Marks: "I keep going back to what Charlie Munger said to me, which is none of this is easy, and anybody who thinks it is easy is stupid. It is just not easy. There are many layers to this, and you just have to think well.”
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