Howard Marks – How To Handle The Market Crash

Given the uncertainties around Corona Virus at present, there is fear across the board. No one really knows whats coming our way. It feels like end of the world & general view is extremely pessimistic. Here is how legendary investor Howard Marks approached investing when people started talking end of the world in 2008-09.

The only thing that we have to fear is fear itself. 

People were just afraid, there was no rationale behind it. 

We have to reduce the emotional influences at that time, and see through it.

We asked a simple question – 

  1. Is the financial world going to end ? Most of the time, financial world doesn’t end. 
  2. Should we buy or not ? – If we invest & financial world ends, it doesn’t matter anyways. But if it doesn’t end, we didn’t do our job. 

Analysis was fairly simple. We just had to buy given the attractive valuations. It didn’t matter what you did, as long as you bought. It was an environment where people had no idea what was coming next. There are times when you don’t need conservatism, caution, risk control, discipline, patience, selectivity. All that you need is money & nerve to invest. 

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