Taking The Temperature
The Memo by Howard Marks
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The Death of Equities
In 1979, Business Week published an article saying that no one would ever invest in stocks again because they had done so badly for so long. In the 21 years from 1979 through 1999, just before the TMT bubble burst, the S&P 500's average annual return was 17.9%. That was nearly double its long-term average and enough to turn $1 in 1979 into $32 in 1999. For investors, low stock prices remain a disincentive to buy.
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