underscored

@underscored

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Most people think of risk as the probability of losing money. But the real risk is that you'll be forced to sell at the wrong time — that circumstances, not judgment, will determine your outcome. Volatility is only dangerous if it can compel you to act.

Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)
1d ago

The great thing about the public markets is that they give you a daily opportunity to think about what your business is worth. The terrible thing about it is that you can act on it.

2mo ago

Volatility is suppressed until it's not. You can't choose which chart you'll get. There's no BTFD without YOLO and FUD.

4mo ago

Underscored — save the words that stop you in your tracks.

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