An accurate opinion on valuation, loosely held, will be of limited help. An incorrect opinion on valuation, strongly held, is far worse. This one sta… - Howard Marks

Decisi di diventare un beatnik a tutti gli affetti[...]. Fumai tutta la marijuana che mi passava tra le mani, lessi Kerouac, ascoltai Bob Dylan e Roland Kirk e andai a vedere film francesi che non capivo.

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.

In good years, defensive investors have to be content with the knowledge that their gains, although perhaps less than maximal, were achieved with risk protection in place, even though it turned out not to be needed.