The Memo by Howard Marks cover image

The Rewind: Ditto

The Memo by Howard Marks

00:00

When Things Are as Good as They Can Get, They Can't Get Any Better

The skeptic, in times of moderation, becomes a true believer at the top. Once the last potential buyer has bought, there's nobody left to take prices higher. Security prices begin to fall of their own accord simply because they had moved too high. People switch from worrying about missing opportunity to worrying about losing money.

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