
The Rewind: Ditto
The Memo by Howard Marks
Investing in Real Estate - The Three Sentences That Howard Writes
The most important thing is that markets are never in these sentences. The efficient market theory does not exist for these type of assets that we buy. When everyone's rushing in, prices are often too high. And when everyone's rushing out, they're too low. But the big difference is somebody has to understand what the difference of value in prices. That's a very difficult thing.
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