Howard Marks Discusses the Interest-Rates Machine
Masters in Business
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The Science of Probability and Getting the Odds on Your Side
I always talk about the difference between Alexander the Great and George the Unlucky. And one has to be careful not to draw a conclusion based on what may have turned out to be a random outcome. That's life and that's investing. Backgammon, by the way, is a great exercise for anybody who wants to be an investor,. Because it's all about probabilities and getting the odds on your side.
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