The Memo by Howard Marks cover image

Bull Market Rhymes

The Memo by Howard Marks

CHAPTER

New Things Can Supercharge Market Excesse

Investors gave these newly formed vehicles blank checks for acquisitions on the proviso that investors could get their money back with interest. The number of spacks organized soared from just ten in 20 13 and 59 in 20 19 to 200, forty eight in 20 20 and 613 in 20 21. This is a good example of a new thing that turned out to be less dependable than investors had thought. Robin hood markets began offering commission free trading in stocks, e t f and crypto currencies in the years before pandemic. Once the cove 19 crisis hit, this encouraged people to play the stock market. Newcomers were stirred by a popular cult figure who said, stocks only go up. As

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