Behind the Memo: The Pendulum in International Affairs
The Memo by Howard Marks
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Pendulum Swings
Pendulum swings may be upsetting, but there's nothing to do with them. Onder imenti greet span talking about irrational exuberancei v it was 96. That market continued upward for four more years and eventually produced the t m t bubble - one of the greatest bubbles we ever saw in a sector. You shouldn't think that everything that's overpriced is going to go up to morrow.
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