Behind the Memo: What Really Matters?
The Memo by Howard Marks
The Importance of Knowing What You Can't Know
The market is a weighing machine, but in the short run, it's a voting machine. Price moves in response to changes in long-term value. Every future consists of a probability distribution of possible outcomes. In the long run based on fundamental considerations, I think there's more likelihood that the outcome will hue to the reality.
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