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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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the big difference between probability and outcome. Things that aren’t supposed to happen do happen. Short-run outcomes can diverge from the long-run probabilities, and occurrences can cluster.
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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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