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The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing), by Howard Marks

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An accurate opinion on valuation, loosely held, will be of limited help. An incorrect opinion on valuation, strongly held, is far worse. This one statement shows how hard it is to get it all right.
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The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)
The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)
by Howard Marks
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