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Alejandro Treviño
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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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Most of the time the future is indeed like the past, so extrapolation doesn’t do any harm. But at the important turning points, when the future stops being like the past, extrapolation fails and large amounts
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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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