Excellent curation of Howard Marks' memos by the amazing @BlasMoros 👏
While the actual investing methods of H.Marks are not applicable for most investors, his writings on Market cycles & Investor psychology are invaluable.🙏
Excellent points on Risk. It's so important to not let the falling stock prices (on good Businesses with plenty of future growth) determine the actual value/riskiness of the Business if you plan to buy it for the long-term.
We don't need to blindly follow any great investors or criticize them (when they haven't performed as well recently).
Learn what great investors like Graham, Fisher, Buffett & Munger, Lynch, Marks, Klarman and few others have to say. Pick the parts that you like and are applicable to your investing style/goals, and make your own process and evolve as you go along.
All the Best 👍
/END
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Small adds to existing pos
$META (Social is done)
$NOW (Who needs IT monitoring anyway?)
$ALGN (Everyone from now one will have perfectly aligned teeth)
$SQ (hey guys, focus plz, actually)
$MDB (Recession will kill need for DBs).
Kidding aside, the next few qtrs are highly uncertain from a lot of aspects, but not all Cos are the same when it comes to credit dependence for capital stack/customer demand...
..cyclicality and severity of business impact during an actual recession, runway for core growth post any recession, ability to use this period to acquire smaller competitors etc.
I love investing quotes so much, that I tried coming up with 10 of them incorporating lessons for the current situation. Let me know if any of these resonate with you and which one's your fav
1⃣ The time of maximum pleasure (from all those recent/quick big gains) could actually be the time of maximum risk (when the forward R/R could be quite unfavorable).
The time of maximum pain (from all the recent losses & negative headlines) could actually be the time of maximum potential (as long as you're investing in high Quality Cos at attractive prices for a long-term hold).