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The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar
The Memo by Howard Marks
Adapting to Change in Investing and Decision-Making
In investing, it is crucial to be open to changing one's position as events and information change. Cognitive dissonance and self-delusion can hinder this process, but it is important to respond to real changes and be open to possibilities. There are no permanent rules in investing, and one must adapt to changing circumstances. It is important to understand the nature and risks of industries and be thoughtful about the investment approach and defining success.
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