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The Memo by Howard Marks

Behind the Memo: Fewer Losers, or More Winners?

The Memo by Howard Marks · 2023-09-20 · 31 min

Episode notes

In the latest episode of Behind the Memo , Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors - like tennis players - need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try to avoid the losers? You can listen to Fewer Losers, or More Winners? in the prior episode or read it here (

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