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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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Skillful investors can get a sense for the risk present in a given situation. They make that judgment primarily based on (a) the stability and dependability of value and (b) the relationship between price and value.
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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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