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"In the 70s and 80s if you invested in corporate debt you were buying investment grade bonds. Everything else was considered uninvestable. It was called junk in fact." - Armen Panossian [00:01:35]
"Mistakes cause mispricings. In other words, emotion and misinformation create these mispricings. We're looking for these moments of misunderstanding to…
"Experience is what you got when you didn't get what you wanted." - Howard Marks (Reflecting on his early career losses with the Nifty Fifty bubble) 00:04:41
"Good investing is not just a function of buying good things, but of buying things well." - Howard Marks (Discussing the critical difference between asset quality and asset pricing)…
AI Hurtles Ahead | Memo | Howard Marks (Oaktree)
"In this market, optimism is in the ascendancy... prices are probably high relative to intrinsic value, prospective returns are modest, and uncertainty risk is relatively high." — Howard Marks (Discussing the current state of the market cycle) [00:02:04]
"The riskiest thing in the world is the belief that there's no risk. One of the safest things in the…