The Memo by Howard Marks cover image

Introducing "Behind The Memo": Selling Out

The Memo by Howard Marks

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How to Maximize Returns in the Stock Market

Most economies and most valuable companies benefit from an underlying positive, secular trend line. The s and p 500 is estimated to have returned an average of ten and a half % a year for the last 90 years. A dollar invested today will grow to 29 dollars in 50 years if you invest it at that rate. Most investors don't believe decline is imminent, so even if they can avoid it, it's not worth trying.

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