Bull Market Rhymes
The Memo by Howard Marks
What Is a Real Bull Market?
When i refer to a real bull market, i'm not talking about standard definitions. A situation in which stock prices rise by 20 %, usually after a drop of 20%. In my view, in both cases, the preceding appreciation was gradual, not parabolic. It wasn't driven by overheated psychology and it didn't take stock prices to crazy heights.
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