Pillar I · Cycles
Howard Marks
Oaktree Capital · Cycle Theory
The seven scariest words in investing: everyone else is doing it, too.
The classical value-investing canon — Marks, Munger, Buffett, Graham, Taleb, Kahneman — read slowly and applied to the specific conditions of owning, building, and holding property in Los Angeles.
Leverage plus volatility equals dynamite.
The seven scariest words in investing: everyone else is doing it, too.
Invert, always invert. Turn a situation or problem upside down. Look at it backward.
The best holding period is forever. But only for the right asset, at the right price.
The margin of safety is always dependent on the price paid. It will be large at one price, small at a higher price, nonexistent at some still higher price.
Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.
Nothing in life is as important as you think it is while you are thinking about it.
Real estate favors the investor who can sit quietly while others cannot. In Los Angeles, patience is not a virtue — it is a structural edge against a market dominated by buyers who need to deploy capital on a calendar.