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 ma… - Howard Marks

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.

•Scepticism and pessimism aren’t synonymous. Scepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.

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