Howard Marks

I called my mom and I said, mom, I just, I'm not going to do this anymore.

And she told me, no, you are going to stick this out.

Your body is going to change someone's life.

Every decade, you're going to go through something different.

So be really happy with who you are right now because things change.

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So I can stop now.

Well, I think that the unproductive bubbles I would describe as financial fads, portfolio insurance was one, subprime mortgages was another, just financial activities that become fashionable, zoom into popularity, get overhyped, and then recede.