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Understanding Investment Success: Insights from Howard Marks
Investment success is often perceived as a straightforward endeavor, primarily revolving around the purchase of good assets such as companies or properties. However, as Howard Marks articulates, this common belief misses a crucial element of truly successful investing. The core of effective investment lies in acquiring assets for less than their intrinsic worth. This nuanced understanding of value, risk, and market behavior forms the backbone of Marks' investment philosophy.