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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