Howard Marks
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Appearances Over Time
Podcast Appearances
My clients don't hire me to be in the top 5%.
I don't care if I'm in the top 5% in any given year.
I'm absolutely unwilling to be in the bottom 5%, and I think so are they.
So that thing about being willing to be in the bottom 5% sounds to me like a post-justification.
But anyway, that's not how I choose to operate.
And so it was a great opportunity to write that up.
And so I wrote that one in 1990.
I think I wrote another one in 91.
Then I wrote one in 93.
There was no regularity.
And one of the things I like to mention, David, is that for the first 10 years, I never had a response.
Not only did nobody say it was good, nobody ever said I got it.
And these were mail?
This was pre-fax?
This was the old days of mail, but they only went to our clients.
So probably a few hundred.
Now it's a few hundred thousand by the subscriptions.
And by the way, you mentioned podcasts.
These things are also available in podcast form under something called The Memo, originally enough.