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Howard  Marks

“What is the range of likely future outcomes? • Which outcome do I think will occur? • What’s the probability I’m right? • What does the consensus think? • How does my expectation differ from the consensus? • How does the current price for the asset comport with the consensus view of the future, and with mine? • Is the consensus psychology that’s incorporated in the price too bullish or bearish? • What will happen to the asset’s price if the consensus turns out to be right, and what if I’m right?”

Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor
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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 by Howard Marks
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