Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
The Memo by Howard Marks
Choose Survival Over Averages
Investors face a crucial decision: to optimize or maximize. Optimizing involves balancing short-term gains with long-term sustainability, while maximizing focuses solely on immediate returns. True financial success hinges on daily survival, especially during challenging times, rather than trusting average outcomes that can be misleading. Understanding this distinction is vital to navigating the financial landscape effectively.
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