
Something of Value
The Memo by Howard Marks
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What Is Value Investing?
The d c f method is the main tool of all investors in their effort to make investment decisions based on company's long term fundamentals. Value investors recognize that the securities they buy are not just pieces of paper, but rather ownership stakes in or, in the case of credit, claims on actual businesses. These financial instruments have a fundamental worth, and it can be quite different from the price quoted in the market. In doing so, he sometimes gives us the opportunity to snatch up shares or bonds at a meaningful discount from their intrinsic value.
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