“What if I said, every four days I got either say buy or sell? I think that my record would be fifty fifty at best.”
Marks calls waiting for the bottom one of the dumbest things investors can do.
“So, of the, I think, of the dumbest things you can do in the investment business is to say, I'm gonna wait for the bottom.”
Marks says the only basis for buying is that things are cheap, not timing the bottom.
“And so, the only basis for buying is that things are cheap. You can tell when things are cheap.”
Marks explains why timing the bottom is impossible: you can only identify it after the fact.
“the bottom is the day before it starts going up. Right? And if that's true, then by definition, you never know when you're at the bottom because you can only tell the next day.”