The Memo by Howard Marks cover image

Introducing "Behind The Memo": Selling Out

The Memo by Howard Marks

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The Discipline of Relative Selection

"We try to buy the best things we can find. We try to hold more of the better things and less of the not as good things, and none of the bad things," he says. "Opportunity costs are an essential component of all financial decision making." He adds that it's extremely important to always consider the impact of a move in terms of its upside potential or opportunity cost.

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