“运气,就是当机会来了,你刚好已经准备好了。” 这是橡树资本联合创始人霍华德·马克斯(Howard Marks)在最近的《Money Ma》访谈中,引人深思的一句话。 他并不回避运气在投资中的作用,甚至直言自己是“世界上最幸运的人”。但他强调,运气并不是毫无缘由的,而是建立在持续准备的基础上。 霍华德回顾了自己的职业生...
2022年7月霍华德 马克斯备忘录《我不敢苟同》 本文是橡树资本联合创始人霍华德·马克斯(Howard Marks)发于2022年7月26日的备忘录《I Beg to Differ》;原创翻译,主要还是为了自己通读一遍原文,如有错漏还请海涵,欢迎批评指正。以下是正文—— 我写过很多次关于在1969年加入投资行业时的事情,当时“漂亮50”(Nifty ...
something's worth and buying it for that price or less. You can't have intelligent investing in the absence of quantification of value and insistence on an attractive purchase price. Any investment movement that's built around a concept other than the relationship between price and value is ...
Rather than simply bucking market trends, Marks' contrarian approach is rooted in an unusually profound understanding of market cycles, investor psychology, and, crucially, value. An admirer of Benjamin Graham, a mentor of Warren Buffet, whose "Mr. Market" allegory first described market irrationalit...
but the article provided a good reminder and moved me to dash off this memo. as is obvious from the article’s title, the piece is mostly about the role of sacrifice. ashley says, “many positions cannot be won or saved without something of value being given away, from a lowly pawn ...
Risk, things can happen, worry about permanent loss —Howard Marks 72 Risk cannot be quantified, even after the fact. —Howard Marks 68 Skillful investors, risk, stability, dependability of value, relationship between price and value —Howard Marks ...
what he writes about in this new book. Starting in 2005 and 2006 Marks and his partner Bruce Karsh started to see deals get done on terms that were a “piece of crap.” That investors were buying the offerings anyway made the two partners conclude that something was wrong...
— Howard Marks @DeepStorage@mastodon.social (@DeepStorageNet)September 27, 2016 Data Resiliency Considerations DeepStorage.net has again made a decision to use a configuration (RF3 + Erasure Coding) to try and make the article sponsor’s product look more favorable. ...
Howard Marks, Jan. 1994 1. No group or sector in the investment world enjoys as its birthright the promise of consistent high returns. There is no asset class that will do well simply because of what it is. An example of this is real estate. People said, “You should buy real estate...
Howard Marks thinks that the drop in oil prices could finally expose low lending standards and provide better value in the markets.