The Memo by Howard Marks cover image

What Really Matters?

The Memo by Howard Marks

CHAPTER

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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