
Something of Value
The Memo by Howard Marks
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Value and Growth Investing
Growth investing often entails belief in unproven business models that can suffer serious setbacks from time to time. Growth stocks typically incorporate a level of optimism that can evaporate during corrections, testing even the most steeled investor. A given change in interest rates can have meaningfully greater impact on their valuations than it will on companies whose value comes mainly from near term cash floes.
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