The Memo by Howard Marks cover image

The Rewind: Dare to Be Great II

The Memo by Howard Marks

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Avoiding All Failures Can't Be a Winning Strategy

There is no formulaic approach to investing that can be depended on to produce superior risk adjusted returns. Superior investment results can only stem from a better than average ability to figure out when risk taking will lead to gain and when it will end in loss, there is no alternative. If merely applying a formula that's available to everyone could be counted on to provide easy profits, where would those pro is come from? Who would be the losers in those transactions? Why wouldn't those people study and apply the formula also? Or as charley munger told me, it's not supposed to be easy. Anyone who finds it easy is stupid.

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