The Memo by Howard Marks cover image

The Rewind: On The Couch

The Memo by Howard Marks

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The Swing May Be Result of Disillusionment

The swing may result from disillusionment. It's particularly painful when investors recognize that they know far less than they had thought about how the world works. The events that produced such extreme distress in late two thousand eight and early two thousand nine were unforeseen and unimagined just a few months before, even though clues had been there for a year.

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