“There are three words which are among the most important words in our business: I don’t know. And if you don’t know something…you should admit it—to yourself and to everybody around you. And I think personally that it’s very freeing to say ‘I don’t know.’ I think it’s very, almost depressing, to feel that you have to have an opinion on every subject, even the ones where by definition you can’t have superior knowledge.”
—Howard Marks.
