The Memo by Howard Marks cover image

What Really Matters?

The Memo by Howard Marks

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The Memo by Howard Marks

Average investors and below average investors don't have alpha. Most of the things people focus on, the things I described earlier as not mattering, can't provide it. These asymmetry can only be demonstrated by a relatively few people with superior skill and insight. The key lies in finding them. November 22, 2022.

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