TIP 073 : Billionaire Howard Marks - The Most Important Thing (Investing Podcast)
We Study Billionaires - The Investor’s Podcast Network
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The Efficient Market Hypothesis
Marks: I think there's a lot of risk in the price whenever it's being traded at that multiple. One of the thesis about the ffishand market hypothesis is that we all have access to the same information, and that information is priced into the current stock price. Marks takes the exact same stands as warn buffet. He says you've already handicapped your returns into the future if you're paying over 40% for what you thought was worth a hundred dollars.
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