
Introducing "Behind The Memo": Selling Out
The Memo by Howard Marks
Sell Assets Just Because They're Down
Selling assets just cause they're down is a mistake that can give the buyers of those assets great opportunities to make money. Investors will encounter opportunities to properly sell assets that are up and to properlysell assets that are down. But that too has to be done on the basis of an estimate of their fair value. If something comes along which is better, then clearly you have to make room for it in your portfolio.
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