Bull Market Rhymes
The Memo by Howard Marks
The Three Stages of a Bull Market
By late august, the s and p 500 had retraced its decline and surpassed its february high. The combination of these factors forced investors to bear sks they had been running from just a short time earlier. It's interesting to note that even though the market moved from despondent in march 20 twentieth to booming in may, largely thanks to the fed,. most frequent attitude i encountered during that period was dubiousness.
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