“There are three words which are among the most important words in our business: I don’t know. And if you don’t know something…you should admit it—to yourself and to everybody around you. And I think personally that it’s very freeing to say ‘I don’t know.’ I think it’s very, almost depressing, to feel that you have to have an opinion on every subject, even the ones where by definition you can’t have superior knowledge.”

–Howard Marks Hong Kong, October 26, 2018