The Memo by Howard Marks cover image

Behind the Memo: The Pendulum in International Affairs

The Memo by Howard Marks

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How Much Time Does the Pendulum Spend in the Middle?

The pendulum swings from one extreme back toward the mid point, through the mid point and to the otherex and back. When it reaches the maximum of its arc, it is at a point that is unsustainable,. It falls back toward the middle of its own weight. The up turn of the market was arrested at the beginning of 20 20 by the arrival of the pandemic. But if you think about the pendulum, it doesn't need an event.

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