The Rewind: It Is What It Is
The Memo by Howard Marks
Is the Investment Management Market Inefficient?
Hedge funds and private equity managers are in great demand, says Warren Buffett. But such an opportunity shouldn't last long, he writes. He argues that exceptional risk adjusted returns can only be achieved in inefficient markets. Buffett: If large numbers of people are convinced a given field is sure to give them instant wealth, something must be wrong.
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