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Humble Origins Turned Global Reach
- Howard Marks started writing memos as a one-off and mailed them physically before email spread their reach globally.
- He later discovered memos circulated worldwide and now exceed a hundred thousand subscribers.
Writing Reveals Thought
- Writing helps Howard Marks clarify and test his own thinking, often producing ideas he hadn't formed before.
- He accumulates materials and waits until a topic gains critical mass before composing a memo.
Share Knowledge, Emphasize Implementation
- Don't treat memos as proprietary secrets; share to educate rather than to hand out a guaranteed recipe for profit.
- Focus on simple investing principles but prioritize disciplined implementation over novel formulas.