This is Howard Marks.

he most important adage regarding leverage reminds us to “never forget the six-foot-tall person who drowned crossing the stream that was five feet deep on average.

it did in the past. And investments made on the assumptions that tomorrow will look like yesterday must be subject to vastly increased scrutiny.

• Many people seem to attach less importance to lifetime careers and advancement.

“I like to say, “Experience is what you got when you didn’t get what you wanted.”

family and quality of life count for more. I’m going to reorient my life and put less emphasis on work.”