Howard Marks: Elevated popular opinion

“…most investors think quality, as opposed to price, is the determinant of whether something’s risky. But high quality assets can be risky, and low quality assets can be safe. It’s just a matter of the price paid for them. . . . Elevated popular opinion, then, isn’t just the source of low return potential, but also of high risk.”

–Howard Marks.

Florence Luscomb: Tragedy

“The tragedy in the lives of most of us is that we go through life walking down a high-walled lane with people of our own kind, the same economic situation, the same national background and education and religious outlook. And beyond those walls, all humanity lies, unknown and unseen, and untouched by our restricted and impoverished lives.”

—Florence Luscomb.