There's only one way to describe most investors: trend followers. - Howard Marks

No asset class or investment has the birthright of a high return. An asset is only attractive if it’s priced right.

The correctness of a decision can’t be judged from the outcome. Nevertheless, that's how people assess it. A good decision is one that’s optimal at the time it’s made, when the future is by definition unknown. Thus, correct decisions are often unsuccessful, and vice versa.

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