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Howard Marks on Value vs Growth Investing

"Value is where you find it"

If there's something you wanna read about investing this weekend, read THIS. 

I have been reading Howard Marks's letters for a long time and always find something useful to learn. This one is no different, but he seems to have packed a huge amount into this particular letter, talking about Growth vs Value Investing.

Some of the points that really jump out at me are:

- How Marks is able to keep an open mind even though he is primarily a value investor
- Value can be found in many forms
- Success is likely to be in the form of superior judgement, not just a number
- A high growth company is not necessarily unpredictable, neither does a stable company mean it can't run into trouble
- High valuation metrics do not mean it is overpriced, and vice versa
- Not all companies expected to grow rapidly will. But it's very hard to fully appreciate and values the ones that will.
- If you find a company with the proverbial licence to print money,  don't start selling shares because they have shown appreciation. You won't find many such winners in your lifetime so hang on to them for as long as you can.

"Value is where you find it"

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