Howard Marks latest Memo

Howard Marks of Oaktree Capital Management has come out with another must read
memo, here he covers the role of luck, the effort of a team, and looking at
inefficient markets, see below for excerpt and a link to the pdf

At that point, an uncle pulled him aside and doled out some advice. “Jim, I wouldn’t spend my time getting better,” he advised, “I’d spend my time finding weak games.”.

Source: ValueWalk

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