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#53 Howard Marks: Luck, Risk and Avoiding Losers
The Knowledge Project with Shane Parrish
The Cycle of Inflation in the United States
Economy grows, let's say, for rounding purposes, on average t cent a year. Why doesn't the economy grow two percent every year? Sometimes three, and sometimes one, and sometimes four, and sometimes negative. People commit excesses to the upside, usually out of enthusiasm, which then have to be corrected. Those corrections overshoot to the down an note investor psychology,. yes, exactly. But it'sit's, it's the way the world works.
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