I Beg To Differ
The Memo by Howard Marks
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How to Be Right, Not the Possibility of Being Wrong
Most investment books are about how to be right, not the possibility of being wrong. But active investing must understand that every attempt at success carries with it the chance for failure. If you buy tea bills, you can't have a negative return; if you invest in an index fund, you can’t under perform the index. The bottom line is that you simp can't do the former without also doing the latter.
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