Tag Archives: Howard Marks

QOTD: Extrapolate This Late?

Most of the time the future is indeed like the past, and so extrapolation doesn’t do any harm. But at the important turning points, when the future stops being like the past, extrapolation fails and large amounts of money are … Continue reading

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QOTD: Risk

You want to take risk when others are fleeing from it, not when they’re competing with you to do so. …But it’s precisely when people can’t see what it is that could make things turn down that risk is highest, … Continue reading

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