It Is What It Is

The average investor, i believe, looks for the silver bullet, buys it, is disappointed and then looks for the next one. And by definition, that can exist. It can exist for many, and it can exist in size because the operations of the somewhat efficient market will drive those opportunities out of existence. But when you buy it and you're disappointed a couple of times, you should say, i guess there's no such thing as a silver bullet. I'm using it in this memo to mean something very different, recognition and acceptance of to day's givens, but not necessarily of the end result. What's passed is past and can't be undone. By howard marks