
Behind the Memo: The Illusion of Knowledge
The Memo by Howard Marks
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Investing
There are no easy answers in investing. You should not have strongly held views, you can have an opinion. We just don't bet heavily on them. Sometimes we don't bet on them at all. Trying to be right means betting heavily on a forecast where you can either make a lot or lose a lot. I would expect most of the time that the future will be like the past.
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