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Mujo is among the values prized in early Japanese culture and Howard Marks, in his book ‘The Most Important Thing – uncommon sense for the thoughtful investor’, describes it as meaning ‘cycles will rise and fall, things will come and go, and our environment will change in ways beyond our control. Thus we must recognise, accept, cope and respond’. To Howard Marks this is the very essence of investing and these words ring very true in our ears as we assess financial markets and the global macroeconomic environment today.

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