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3min chapter
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley
The Memo by Howard Marks
Embracing Risks and Accepting Losses in Decision Making
This chapter emphasizes the significance of accepting losses and prioritizing decision quality over solely focusing on achieving a perfect track record. Using the example of Roger Federer's 54% point-winning rate, it stresses the importance of making informed choices and not fixating on controlling outcomes.
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