‘Where does an investment philosophy come from? The one thing I’m sure of is that no one arrives on the doorstep of an investment career with his or her philosophy fully formed. A philosophy has to be the sum of many ideas accumulated over a long period of time from a variety of sources. One cannot develop an effective philosophy without having been exposed to life’s lessons. In my life I’ve been quite fortunate in terms of both rich experiences and powerful lessons.’

– Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor. Annotated by: Christopher C. Davis, Joel Greenblatt, Paul Johnson, and Seth A. Klarman