“I think it’s a mistake to think you can keep the world from changing,” muses Marks. He learnt the Japanese concept of mujō, a word originating in Buddhism, meaning impermanence and the inevitability of change.
“You have to be cognisant of history, or you’ll repeat it, but you also have to understand that it may not apply.”
Marks expounds one of his core philosophies: that economic cycles are driven by the pendulum of human emotion. “In real life, things fluctuate between pretty good and not so hot, but in the market, things go from flawless to hopeless. Nothing’s ever flawless and nothing is ever hopeless, but when people reach those extremes, it’s a good opportunity for the contrarian.”
Howard Marks, Lunch with FT
https://www.ft.com/content/a2d6df4e-5b24-4268-b770-6c514ac378de
Majicman Notes 
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