Howard Marks just released a new Memo! He has been writing investment Memos for 33 years. They are legendary and among the most brilliant writings you can find! Here are my Key Takeaways from this recent one: 1. Aiming for the... See more

Yeah, so the meta, or the game within the game, is always changing in investing. 20 years ago in the NBA, three pointers were undervalued, statistically. Going for it on fourth down was undervalued in the NFL. And I would say that 20 years ago, understanding ROIC was undervalued in the market.