
Something of Value
The Memo by Howard Marks
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Is It Possible to Scale Out Early?
When it comes to investing and businesses, the mental models in our head help us answer the question, what does the future hold? But applying the mental model of mean reversion for a fade defying business model will lead to an erroneous conclusion. It's much more feasible to have great insights about a small number of potentially huge winners - and not counteract them up selling prematurely.
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