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The Memo by Howard Marks — The Calculus of Value
Not scored yet41m·2025-08-14·Money

The Calculus of Value

The Memo by Howard Marks · 71

In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a ‘‘magnetic’’ influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run,…

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