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 invokes Einstein's quote that not everything that counts can be counted and not everything that can be counted counts.
“Einstein, there's a great quote from Einstein, who said that not everything that counts can be counted, and not everything that can be counted counts.”
Marks argues that risk cannot be quantified even after the fact, citing an example of a doubled investment.
“You buy something for 100. A year later, sell it for 200. Was it risky? You can't tell. Even when it's over, you can't tell.”
Marks states good investing is not buying good things but buying things well; price determines risk.
“it's not what you buy, it's what you pay that determines whether your investment is risky or not. B, that good investing is not a matter of buying good things, but buying things well.”