We have a motto - if we avoid the losers the winners take care of themselves.

...You can't tell the quality of a decision from the outcome...

Risk is the probability of bad outcomes, but bad outcomes = loss AND gains that you miss out on. Don't forget about the latter.

If you think the same as everybody else, you’ll take the same actions as everybody else. If you take the same actions as everybody else, you’ll have the same performance as everybody else.

Our emotions conspire at every turn to make us do the wrong thing

The problem we have now is that there is no history for what we're engaged in [COVID-19]. First of all, we have, I would say, the worst public health crisis to come to America in over 100 years—or certainly one of the worst; the worst economy since the Great Depression—more than 80 years old; the worst collapse of oil in history; and the greatest rescue & stimulus program from the Fed and the Treasury in history.

Gradually, the economy will recover [from COVID-19], and it'll show much better in 2021 than 2020. 2021 may or may not be back to the 2019 levels, but by 2022, we'll be back to or surpass the 2019 levels. And with vaccines and treatments, the coronavirus will be demoted to just another seasonal disease.

Every investor faces two risks every day: the risk of losing money, which is obvious, and the risk of missing opportunity, which is a little more subtle. Now, you can eliminate either risk if you are willing to totally surrender to the other risk.

We get a lot more from our work than just our income

...In this Rising income inequality, the people who have capital or technical education skills are doing very well, and the people who don't have those things are doing very badly.

...In this Rising income inequality, the people who have capital or technical education skills are doing very well, and the people who don't have those things are doing very badly.

The way you become a superior investor is to look at things, and see other things people don’t see

I say strongly that the Fed and Treasury were right in doing what they did [to stimulate the economy amid COVID-19]. The fact that there may be negative unintended consequence doesn't mean that they weren't right ... We're battling problems we've never seen before with weapons we've never seen before, and we certainly can't say that they don't have negative potential consequences.

I think luck is a real thing and it's important and it's inherently unfair, but that's life

People who are lucky should thank their luck, acknowledge it, and revel in it.

To be a an above average investor, number one - you have to think different from the crowd. But number two - you have to be right.

If you think about everything the same way everybody else does, you can't have an exceptional return

Insulating kids from choices (or making mistakes) is not doing them a favor

Inflation is supposed to work in response to the unemployment rate—the less unemployment there is in the country, the higher the inflation is supposed to be because there's less slack in the economy, and the workers, for example, can demand higher wages. That hasn't happened.

We can't just invest on the basis of the probability distribution and the expected value. We also have to take our own tolerances and predilections into account.

The greatest contributor to global economic maximization is globalization.

Howard Marks explains how tariffs work

“It’s ridiculous that we use the same word to describe what a CEO does and what a road worker does - we say work but clearly they're not very much in common.

Risk is the probability of bad outcomes

You should not insulate your kids from the discussion of money

Mistakes happen in the investing world, you WON'T be right 100% of the time

My guess is that this economic recovery in the U.S. will set a record for the longest lasting recovery in history

We have 26 million people who have filed for unemployment insurance in the last five weeks. We're expecting a decline of GDP in the second quarter [of 2020] of 20-30%, which would make it the worst quarter in history by an order of magnitude.

What the wise man does in the beginning the fool does in the end.

Risk exists because the future is a range of possibilities

Risk means more things can happen than will happen

Being wrong is inevitable and normal, not some terrible tragedy

On average, the U.S. economy grows 2% every year

A cool fact - You can "live" in a state for a maximum of 181 days of the year without having to pay taxes there

If you ask someone what percentage of the world they think lives in extreme poverty, they’d give you a much higher number that the actual value

Investing is a funny activity - It's really incredibly easy to be average

To be great - dare to be different, dare to be wrong, and dare to look stupid

You’re not helping your kids if you give them a credit card and pay the bill for them every month