Lessons from Howard Marks latest memo — “There they go again….again”
Jul 28, 2017 · 6 min read
If you are a serious investor who has been at it for some time, the name Howard Marks certainly needs no introduction.
The following are my notes on his latest memo. I started writing them primarily for my benefit, but then I thought I might as well post them here.
I think it’s better to turn cautious too soon (and thus perhaps underperform for a while) rather than too late, after the downslide has begun, making it hard to trim risk, achieve exits and cut losses.

