Is the Psychology of the Market Relevant to Today?

Howard Marks: When the market investor behavior is extremely optimistic or extremely pessimistic, then you have a chance of making an observation that will hold water. But in the meantime, where the psychology and the valuations are not extreme, we're there plus 10, minus 20, you just don't have a very high probability of being right. It helps to be my age and have lived through so much market history. The great thing about humans is in theory they can learn other than from experience. All these things are about extremeness.