"Investing is a long-term business where performance is underpinned by patience.”
Omri Thomas, portfolio manager at Abax
“Credit spread doesn’t tell you what the actual default rate will be, as some mistakenly say. It tells you what investors think the default rate will be. The thoughtful investor has to evaluate that expression of opinion against what the reality is likely to be and assess whether investors are being too optimistic or too pessimistic.”
Howard Marks, co-chairman at Oaktree Capital Management
"Markets, like everything humans build, aren’t perfect. They reflect us—unfinished, sometimes flawed, but always improvable. The solution isn’t to abandon markets; it’s to expand them.”
Larry Fink, Chairman of Blackrock
“Good market performance often breeds complacency.”
Steve Romick, portfolio manager at FPA