The Memo by Howard Marks cover image

Coming Into Focus

The Memo by Howard Marks

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Investing in a Recession

Invester psychology collapsed and bond holders headed for the exits. A collapsing economy needs a good dose of stimulus to pull it out of its swoon. But this episode is different. It was caused by an exogenous non economic development, the pendemic. The recession, rather than being the cause, was the result a closure of business,. Thus this down psycho cannot be fully cured merely through the application of economic stimulus.

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