Taking The Temperature
The Memo by Howard Marks
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The Importance of Avoiding Macro Forecasting
The greatest opportunities for bargain purchases result from overly negative prevailing psychology. The greatest opportunities to sell at too high prices arise from excessive optimism. In 1995, when my four oak tree co-founders and I decided to form a new firm, we'd already been working together for nine years on average. This led us to write down the six tenets that describe how we invest, and we haven't changed a word in 28 years.
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