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The Memo by Howard Marks

What Really Matters?

The Memo by Howard Marks
The Memo by Howard Marks

In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence.

The memo is read by LJ Ganser.

You can read the memo here ( ).


The Memo by Howard Marks
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