The trick is to make your mistakes non-fatal. You don't need to be right all the time. You just need to survive long enough to be right eventually.

Howard Marks — Mastering the Market Cycle

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The danger, when you're playing for credibility, is that it can become detached from the interests you were supposed to protect. Governments start taking risks not because the prize is worth the cost, but because leaders fear that further restraint might start to communicate weakness.

Jonny Gannon

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The difference between a good investor and a great one isn't the ability to find more opportunities — it's the discipline to do nothing when there are none worth taking. Most of the money in investing is made by sitting, not by acting.

Howard Marks — The Most Important Thing Illuminated

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