
The Rewind: What Does The Market Know?
The Memo by Howard Marks
Oak Tree Capital Management L P.
I'm merely saying the market has no special insight and conveys no consistently helpful message. It's not that it's always wrong, it's that there's no reason to presume it's right. Future price movements can only be predicted on the basis of the relationship between price and fundamentals. And given the markets short term lity and irrationality, this can only be done in the long term sense.
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