Hey Reader, Warren Buffett has expressed high regard for Howard Marks' memos. He once said, "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book." In today's issue: Data-backed plan for investing in 2025 How to calculate "fair value." Howard Mark's latest memo, always a must read How to calculate ROIC and WACC, a tutorial Much more..... 💸Sponsored by: Tired of losing to the market? It's probably...