The Archive: You Bet!
The Memo by Howard Marks
Identifying Superior Propositions in Investing
Success in investing lies not in picking winners, but in recognizing superior propositions where the odds are favorable, similar to finding a horse in a ParaMuteal system with generous odds. Betting on an inferior position can be strategic if the chance of winning exceeds twenty five percent, offering a better outcome than surrendering. It emphasizes the importance of assessing propositions and situations where odds are tilted in favor of one side or the other.
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