
Something of Value
The Memo by Howard Marks
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Introduction
Wen coven 19 hit, and we lived together for the next ten weeks. There's nothing like getting to spend months at a time building relationships with grandchildren. Growth stocks have meaningfully out performed value for the last 13 years. My extensive discussions with andrew led me to conclude that the focus on value versus growth doesn't serve investors well in the fast changing world which we live.
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