Oaktree Howard Marks: Masters in Business (Audio)
Masters in Business
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You Can't Predict. You Can Prepare
You have to make a judgment about likelihoods and probabilities. As long as that's a well-pensidered probability just goes it rained. If you say 90% chance of a sunny day doesn't mean you're wrong. It means the 10% outcome. That's what against the gods was really about. So you're preparing for the likely outcomes.
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