Ted Seides favorite quotes from his recent discussion with Howard Marks…
1. "When you buy a stock, there's no button you can push to find out what the return will be. Fixed income is so much easier."
2. "It's not what you buy, it's what you pay."
3. "There is no asset so good that it can't become overpriced and dangerous, and very few assets so bad that if it's cheap enough, it can't be a good idea."
4. "If we avoid the losers, the winners take care of themselves."
5. "Fixed income is a negative art. You improve your performance not by what you buy, but by what you exclude."
6. "In the investment business, sometimes the best advice is: don't just do something, sit there."
7. "Buffet puts it succinctly that it’s first the innovator, then the imitator, then the idiot."
8. "We're not expecting any surprises. Surprises are by definition unexpected."
9. "Being public means every day you get a report card from somebody who doesn’t know your business that well."
10. "Today, credit standards are lowish. That still presents a big problem, because if you want to apply high standards and somebody else has lower standards, then they can bid more for a given deal."
11. "The aspect of being undiscovered and unloved is over for private credit. Now it’s just fairly priced. The question is whether you do it carefully or aggressively?"
12. "The magic of private equity is diminished. Just buying and selling companies doesn't add value unless you can do something better."
– Howard Marks
1. "When you buy a stock, there's no button you can push to find out what the return will be. Fixed income is so much easier."
2. "It's not what you buy, it's what you pay."
3. "There is no asset so good that it can't become overpriced and dangerous, and very few assets so bad that if it's cheap enough, it can't be a good idea."
4. "If we avoid the losers, the winners take care of themselves."
5. "Fixed income is a negative art. You improve your performance not by what you buy, but by what you exclude."
6. "In the investment business, sometimes the best advice is: don't just do something, sit there."
7. "Buffet puts it succinctly that it’s first the innovator, then the imitator, then the idiot."
8. "We're not expecting any surprises. Surprises are by definition unexpected."
9. "Being public means every day you get a report card from somebody who doesn’t know your business that well."
10. "Today, credit standards are lowish. That still presents a big problem, because if you want to apply high standards and somebody else has lower standards, then they can bid more for a given deal."
11. "The aspect of being undiscovered and unloved is over for private credit. Now it’s just fairly priced. The question is whether you do it carefully or aggressively?"
12. "The magic of private equity is diminished. Just buying and selling companies doesn't add value unless you can do something better."
– Howard Marks
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