Behind the Memo: What Really Matters?
The Memo by Howard Marks
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What Doesn't Matter?
Asymmetry is a concept that I've always considered important. If you don't get paid for beating the market on the upside and losing a lot on the downside, what should you get paid for? You get paid for doing better in the good times than you're heard in the bad times. An important sign of a asymmetrical manager is that when your strategy or approach is in favor, you do really well.
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