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</html><description>Welcome to the 22nd&#xA0;edition of&#xA0;Value Investor Digest. In this edition, we feature the latest memo from Howard&#xA0;Marks: &#x201C;It&#x2019;s Not&#xA0;Easy&#x201D;, a John Authers piece on the rise of indexes in recent decades, and another FT article by John Plender on the tough choices Pension Fund Trustees have with their Value Managers at present. There is also [&hellip;]</description></oembed>
