Howard Marks wrote a 1600-page investment memo.

Here are the 10 most important lessons:

1. Check valuation

No matter how good a company is, if you buy it at a high price, it will become a bad investment.
Conversely, those companies that may not seem outstanding could also become excellent investments as long as they are purchased at a low enough price.

2. Do not go with the flow

If you do the same thing as everyone else, your results will be the same as theirs.
Do your own homework and judge with an entrepreneur's mindset.

3. Patience

In the stock market, there are old investors and aggressive investors, but there are no investors who are both old and aggressive.
Patience is the key to success in the stock market.

4. Don't panic

Stock prices fluctuate every day.
But in the long run, stock prices will ultimately follow the trend of their intrinsic value.

5. Establish a "Too Difficult to Handle" category

You don't need to invest in everything.
Investors should categorize the underlying assets into three types:
1) Can invest
2) Cannot invest
3) Too difficult, not touching

6. Avoid using words like "forever" and "never".

Never say "never."
Investors should continuously learn and remain open to new ideas.

7. Weighing Risks and Returns

The core of investment is risk and return.
The higher the risk taken, the higher the expected return should be.

8. Lower Expectations
Happiness = Reality - Expectations
When investing, assume you should always be conservative.

9. Historical Rhyme

History does not repeat itself, but it often rhymes.
Bull markets and bear markets will continue to cycle.

10. Exploiting Others' Mistakes

Excellent investors often profit by taking advantage of the mistakes made by others.

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Howard Marks compiled all of his articles (1600 pages) into a PDF.

You can get here: