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Howard Marks
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S&P 500
negative
"If you bought the S&P when the PE ratio was 23, in every case there were no exceptions, your annualized return over the next 10 years was between two and minus two."
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"John Kenneth Galbraith's book called the short history of financial euphoria. That was really pivotal for me."
"I mentioned Devil Take the Hindmost uh 99. One of the greatest books I ever read."
"Back in 74, I think Charlie Ellis wrote an article, winning the losers game, where he said that because you can't predict the future, active investing doesn't work."
"JP Morgan published a chart around the end of 24 and it was a scatter diagram showing over the years the relationship between the S&P 500 at purchase and the return over the next 10 years."
"JP Morgan published a chart showing the relationship between the S&P 500 at purchase and the return over the next 10 years. It was a negative correlation which means the higher the PE ratio you pay the lower the return you should expect."
"If you bought the S&P when the PE ratio was 23, in every case there were no exceptions, your annualized return over the next 10 years was between two and minus two."