I Beg To Differ
The Memo by Howard Marks
A Simple Two by Two Matrix
i wrote a memo in which I argued that the route to superior returns runs through unconventionality. Avorable outcomes, if used with conventional behavior, achieve average good results. With unconventional behavior, they achieve above average results. The challenge lies in the fact that market prices are the result of everyone's collective thinking and it's hard for any individual to consistently figure out when the consensus is wrong.
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