The Memo by Howard Marks cover image

The Rewind: You Can’t Predict. You Can Prepare.

The Memo by Howard Marks

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Cycles Are Self Correcting

In the financial and larger economic world, there can be few fields of human endeavor in which history counts for so little as in the world of finance. Cycles are self correcting, and their reversal is not necessarily dependent on exogenous events. Collapsing markets are called selling panics, while surges receive more benign descriptions. See text stocks in 19 99, for example.

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