“An expression from the broadcasting booth that’s relevant to investing relates to the need to avoid pushing too hard. “Playing within yourself,” they call it. It means not trying to do things you’re not capable of, or things that can’t be accomplished within the environment as it exists….We simply cannot create investment opportunities when they’re not there…. If it’s not there, hoping won’t make it so. All we ever can do is take what they give us.” –Howard Marks, “What’s Your Game Plan?” (September 2003)
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Another quote from the same Memo that I liked (comparing Warren Buffett and Ted Williams): “Buffett’s approach, like that of Williams, rewards patience, selectivity and a superior understanding of the underlying process.”