The Memo by Howard Marks cover image

What Really Matters?

The Memo by Howard Marks

CHAPTER

How to Profit From a Short-Term Focus

The vast majority of investors can't know for sure what macro events lie just ahead. Most forecasts are extrapolations, and most of the time, things don't change. Security prices are determined by events and how investors react to those events. It's very difficult to know which expectations regarding events are already incorporated in security prices.

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