What Really Matters?
The Memo by Howard Marks
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Buying for a Short-Term Trade
The key question is what type of thinking underlies these purchases. Are the buyers buying because this is a company they'd like to own for years? Or are they merely betting that the price will go up? In aggregate, that kind of attitude gets you 3 percentage points less per year than doing nothing at all beyond making the initial investment in the S&P 500.
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