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Howard Marks: Significant ramifications

“The question of whether trying to predict the future will or will not work isn’t a matter of idle curiosity or academic musing. It has—or should have—significant ramifications for investor behavior. If you’re engaged in an activity that involves decisions with consequences in the future, it seems patently obvious that you’ll act one way if you think the future can be foreseen and a very different way if you think it can’t.”

—Howard Marks.

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