A No brainer is a passport for loss
The riskiest thing
in the investment world is the belief that there’s no risk. On the other hand, a high level of
risk consciousness tends to mitigate risk. I call this the perversity of risk. It’s the reason for Warren
Buffett’s dictum that “The less prudence with which others conduct their
affairs, the greater the
prudence with which we should conduct our own affairs.” When other people love investments, we should be cautious. But when others hate them, we should
turn aggressive.
Howard Marks
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