Words of Wisdom

Awareness of the limited extent of our foreknowledge is an essential component of my approach to investing. ~ Howard Marks

There are two kinds of people who lose money: those who know nothing and those who know everything. ~ Henry Kaufman

It��s frightening to think that you might not know something, but more frightening to think that, by and large, the world is run by people who have faith that they know exactly what��s going on.

We have two classes of forecasters: Those who don��t know�Xand those who don��t know they don��t know. ~ John Kenneth Galbraith

You simply cannot create investment opportunities when they��re not there. The dumbest thing you can do is to insist on perpetuating high returns �X and give back your profits in the process. If it��s not there, hoping won��t make it so.

Oaktree has always been explicit about our belief that missing a profitable opportunity is of less significance than investing in a loser.

At any particular point in time, the investment environment is a given, and we have no alternative other than to accept it and invest within it.

we don��t look for our investments; they find us.

You tend to get better buys if you select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what you want to own.

You��ll do better if you wait for investments to come to you rather than go chasing after them.

The market��s not a very accommodating machine; it won��t provide high returns just because you need them. ~ Peter Bernstein

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own af-fairs. ~ Warren Buffett

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own af-fairs. ~ Warren Buffett

To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit. ~ Sir John Templeton

bubbles are capable of arising on their own and need not be preceded by crashes, whereas crashes are invariably preceded by bubbles.

When things go right, it��s fun to feel smart and have others agree.

People who might be perfectly happy with their lot in isolation become miserable when they see others do better. In the world of investing, most people find it terribly hard to sit by and watch while others make more money than they do.

Rising prices are a narcotic that affects the reasoning power up and down the line. ~ Warren Buffett

Nothing is easier than self-deceit. For what each man wishes, that he also believes to be true. ~ Demosthenes

The first emotion that serves to undermine investors�� efforts is the desire for money, especially as it morphs into greed.