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 Rol… - Howard Marks

If everyone likes it, it's probably because it has been doing well. Most people seem to think that outstanding performance to dates presages outstanding future performance. Actually, it's more likely that outstanding future performance to date has borrowed from the future and thus presages subpar performance from her on out.

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.

the world becomes a better place – an easier place to navigate if we admit that even though there are opinions, they may be wrong.