Howard Marks
Principles
Repeatable rules that beginners can study and adapt.
Applicable principles
The greatest risk often appears when people believe risk is gone.
Understand credit cycles before buying risky assets.
Pricing must compensate for the probability of loss.
Second-level thinking helps avoid expensive consensus.
Turn these principles into a pre-investment checklist. If an idea cannot pass the checklist, staying out is often better than forcing action.