#53 Howard Marks: Luck, Risk and Avoiding Losers
The Knowledge Project with Shane Parrish
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The Cost of Defection Is a Huge Advantage
There are seven states in america that have no state and local tax, of state taxes. So you have a lot of incentives to move from new york and california into florida. The working man may not be able to do that, but the person who lives off his investment portfolio can do that in a heartbeat. And government can't undo by feat in the long run, the things that economic reality requires.
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