The Memo by Howard Marks cover image

Introducing "Behind The Memo": Selling Out

The Memo by Howard Marks

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Introduction

Memo got its start in a memo that i wrote in 20 15 called quiddity. There was significant concern that the liquidity afforded by the us Stock market had contracted. Many private investments can't be sold, and you would never sell them anyway. But people want luquidity. Is that a good thing? I believe that. As a broad brush statement, it's fair to say that investors trade too much. Most trading is not helpful.

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