I Beg To Differ
The Memo by Howard Marks
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The Shortening of Time Horizons
No strategy and no level of brilliance will make every quarter or every year a successful one. No one should fire agers or change strategies based on short term results. Clients should consider increasing their allocations in the spirit of contrarianism, but few do. If you wait at a bus stop long enough, you're guaranteed to catch a bus. But if you run from bustop to bustop, you may never catch a bus."
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