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Gene Ishchuk
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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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To boil it all down to just one sentence, I’d say the necessary condition for the existence of bargains is that perception has to be considerably worse than reality.
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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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