The Sage of Baltimore

“The real fortunes in this country have been made by the people who put their capital into a business that had a future, worked hard, invested more capital, and stayed with their investment throughout the years — depression and boom

The Pitfalls of Early Success – A Personal History

“Success makes people think they’re smart.  That’s fine as far as it goes, but there can also be negative ramifications.” — Howard Marks  The investing profession tends to attract individuals who, to put it politely, have a healthy sense of

The Risk of Backing into a Speculative Position

You can choose a ready guide in some celestial voice If you choose not to decide, you still have made a choice You can choose from phantom fears and kindness that can kill I will choose a path that’s clear

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