Notes on Value

“It’s not that perfection cannot be achieved. It’s that it is so hard to stop there.”

– Robert Brault

“It’s not that perfection cannot be achieved. It’s that it is so hard to stop there.”

– Robert Brault

“to achieve superior investment results, you have to hold nonconsensus views regarding value, and thy have to be accurate.”

– Howard Marks

“…. one’s investment approach [should] be intuitive and adaptive rather than fixed and mechanistic.”

– Howard Marks, The Most Important Thing

“Cycles are self-correcting, and their reversal is not necessarily dependent on exogenous events. They reverse (rather than going on forever) because trends create the reasons for their own reversal. Thus, I like to say success carries within itself the seeds of failure, and failure the seeds of success.”

– Howard Marks