Billionaire investor Howard Marks welcomes periods of panic, touts contrarian thinking, and says market excesses have faded. Here are his 10 best quotes from a recent podcast and new memo

Howard Marks talked about periods of turmoil being the best times to find bargains, emphasized the importance of paying the right price, and stated that speculative excess has faded from financial markets.

In a memo to clients this week, the billionaire investor and Oaktree Capital Management boss talked about the value of contrarian thinking and staying the course even if the economy crashes.

Here are Marks' 10 best quotes from the podcast and memo, lightly edited for length and clarity:

This is the first thing. We don't know where we are, but we should know. Mark's argument was that understanding the current backdrop is more important than forecasting the future.

There are two Rampant pessimism is a necessary condition for bargains.

There are three. A crisis is an opportunity for bargain hunting and not something to be afraid of.

There are four. Good investing isn't about buying stuff. Buying things well is what it is about. You need to comprehend the difference. It's not what you pay for.

There are five. Buffett said he liked hamburgers. I eat more burgers when they are on sale. People don't like to see their portfolio values decline. It's the same thing as things being on sale. You are angry to see the losses. Hopefully that won't stop you from saying, "You know what, they're cheaper" I'm buying more.

There are six. There were bullish factors for a while. The bulls were able to make money. Conservatism was not given a reward. The people who had the best returns in 2020 are now down to Earth. They're no longer being written about in articles. The factors are balanced. We're in a good spot. excesses have been corrected

There are seven. The investing process is complex and competitive, and anyone who thinks there's a formula for investing that guarantees success doesn't know it. It's not supposed to be easy, according toMarks. People who find it easy are stupid.

There are eight. contrarian thinking is often included in good investment decisions made at the best opportunities.

There are nine. If the event lies ahead and asset prices don't reflect it, investors should only reduce risk.

There are ten. If you run from the bus stop to the bus stop, you won't catch a bus. The danger of constantly changing strategies was underscored by Marks.

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