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The real test in investing is not the ability to say who will be in favor in the future or what will do best It’s the ability to say that when nobody else is really willing to buy

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Translations

“The themes of cycles are really the only things you have to understand in order to underst...”

Howard S. Marks

“Experience is what you got when you didn't get what you wanted”

“You must strike a reasonable balance between risk and return”

“The biggest investing errors come not from factors that are informational or analytical, b...”

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