Introduction

This is the memo by howard marks the pendulum in international affairs. It talks about the oscillation in securities markets between euphoria and depression. Over time, attitudes tend to fluctuate between the markets best serve the country when they're unfettered by rules,. We need the government to protect us from participants misbehavior. In the role of confidence. From august 20 thirteent, i discussed the way shifts in fundamentals are translated into market volatility by often excessive swings in investor confidence. And in my 20 18 book, mastering the market cycle, i interrupted my discussion of the various cycles in the economy, corporate profits, credit, availab et cetera, to use