Howard is always worth a listen.  Note the interview took place in October, so a bit dated.

We found a true gem from his latest memo, however.

This experience produced two of my most important observations:

• Success in investing doesn’t come from buying good things, but from buying things well, and it’s essential to know the difference.
• It’s not a matter of what you buy, but what you pay for it.  – Howard Marks

Got that, folks?   It’s not a matter of what you buy it’s where you buy it.   Just as those who paid up for the Nasdaq in 2000 and have held, are up only a CAAG of 3 percent in price terms, barely outpacing rolling 6-month CDs.