Howard Marks Memo 1992 Microeconomics 101 Supply, Demand and Convertibles Review

As in this memo, Howard writes about the supply, demand and convertibles. Two principal factors determine the success of any investment; 1) Intrinsic Quality: Intrinsic quality of underlying business, how good the business is? Its better to invest in good companies than bad one, ceteris paribus. [Ceteris paribus is a favourite term of economists. It means “everything else being equal,”

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Howard Marks Memo 1990 The Route to Performance – Review

In Intelligent Investor, one of the great book ever written on value investing by Benjamin Graham, The preface written by Warren Buffett, in that preface Buffett says “To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep

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