The Memo by Howard Marks cover image

The Rewind: On The Couch

The Memo by Howard Marks

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The Investment Pendulum

Investor psychology rarely gives equal weight to both favorable and unfavorable developments. The sense of hopelessness regarding problems like isis is something investors handle particularly poorly. In august, the events in china sparked a revival of risk aversion and fear,. with effects that carried around the world for a couple of weeks. With the door opened to fearful interpretation, pollyanna tolerance gave way to widespread negativism.

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