Marks explains excess returns require buying at unfair prices, not fair ones.
“We want to get returns that are more than commensurate with risk. And to do that, you have to buy assets not at fair prices, but are unfair prices.”
Marks argues good investing comes from buying things well, not buying good things; price determines outcomes.
“it's not what you buy, it's what you pay that counts. Good investing doesn't come from buying good things, it comes from buying things well.”
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.”