The Philosophy of Preparation
The quote attributed to Howard Marks illustrates that successful investing does not depend on predicting market movements, but rather on being prepared for them. Since no one can accurately know the future, wisdom lies in building a portfolio capable of withstanding shocks through diversification, risk management, and avoiding excessive leverage.
The Core Concept:
Do not bet on a single scenario, instead, prepare yourself for all possibilities. Volatility is natural. The prepared investor remains calm during crises, while the unprepared panics. Ultimately, investing is the management of probabilities, not the reading of a crystal ball.
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