
The Rewind: You Can’t Predict. You Can Prepare.
The Memo by Howard Marks
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You Can't Predict, You Can Prepare
The key to dealing with the future lies in knowing where you are, even if you can't know precisely where you're going. Knowing where you are in a cycle and what that implies for the future is very different from predicting the timing, extent and shape of the next cyclical move. The limits on our foreknowledge needn't doom us to failure, as long as we acknowledge them and act accordingly.
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