霍华德·马克斯：为什么人们很难在低点买入？

Core Insights - Howard Marks, co-founder of Oak Tree Capital, predicts that the S&P 500 may yield only single-digit returns over the next decade, indicating a pessimistic outlook for investors [1] - Marks emphasizes that optimism can lead to cognitive dissonance, where investors ignore negative factors for extended periods, which is relevant to the current local bull market in A-shares [1] Summary by Sections Investment Philosophy - Marks shares wisdom that the best buying opportunities often arise when market consensus is at its lowest, highlighting a quote from a retired trader [2] - He encourages investors to self-reflect on common mistakes they may be making in their investment strategies [2] Recommended Readings - The article suggests additional insightful content, including discussions on U.S. debt challenges, investment strategies from Baillie Gifford regarding Netflix, and insights into capital cycles from industry experts [2]