Marks: Holding the Nifty Fifty for five years from 1969 wiped out capital
Howard Marks · Howard Marks & Andrew Marks: Something of Value · Acquired · Aug 30, 2022 · at 22:37
Howard Marks highlights the valuation risks of overpaying for quality growth companies, drawing on his early career at Citibank in 1969.
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“If you bought the nifty 50 the day I got to work, and if you held it tenaciously for five years, you lost almost all your money in the best companies in America for the main reason that they had been priced too high.”
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