Taking The Temperature
The Memo by Howard Marks
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How to Avoid Panic in the Markets
It's easy to say that something approaching panic is present in the markets. We've seen record percentage declines several times within the last month, exceeded only by Black Monday. The more people have sold, the less they have left to sell and the more cash they have with which to buy when they turn less pessimistic. When the knee-jerk reaction of most investors is to stand pat or sell a contrarian decision to buy might be called for.
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