
The Rewind: Calling The Market
The Memo by Howard Marks
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The Relationship Between Price and Value
No matter how good an asset is, it can be overpriced or underpriced and a successful one. What matters is not the quality of the asset, but the relationship between the price and the quality. We love to buy assets below intrinsic value. But we should be forewarned before we buy assets for more than their intrinsic value.
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