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Howard Marks: Fewer Losers Not More Winners
https://acquirersmultiple.com/2025/08/howard-marks-fewer-losers-not-more-winners-2/
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This is captured in his warning: “The riskiest thing in the world is the belief that there’s no risk.” This is especially pertinent for those who, like the hypothetical Sam, find comfort in the long-term average returns of the S&P 500.
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