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3min chapter
TIP559: Mastering the Market Cycle by Howard Marks
We Study Billionaires - The Investor’s Podcast Network
The Pendulum and the Psychology of the Market
Stocks on average tend to return around 10% a year, but the majority of years are really not in the 8-12% range. From 1970 through 2016, there were only 3 years where the market returned between 8 and 12%. So the market very rarely delivers the average returns that investors generally expect from it. The superior investor strikes an appropriate balance between greed and fear.
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