Howard Marks (Trades, Portfolio) says his luckiest day in investing came when in 1978 his employer Citibank told him to check into junk bond king Mike Milken.
Back then 90% of investment funds were not allowed to buy junk bonds. Apparently, if almost everyone can't buy something chances are that it is cheap.
Today Marks doesn't think it is easy to find opportunities like junk bonds in 1978. Today most asset classes are much more picked over.
In the video below Marks gives us his thoughts on investing and why he thinks it is hard to stay disciplined as an investor.
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