
The Rewind: You Can’t Predict. You Can Prepare.
The Memo by Howard Marks
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Capital Markets - The Future Is Here
The credit cycle contributed tremendously to the teck bubble. Money from venture capital funds cased far too many companies be created, often with little in terms of business justification or profit prospects. Wild demand for ip os caused their hot stocks to rise meteorically,. enabling venture funds to report triple digit returns and attract still more capital. Once again, easy money has led to capital destruction. Much of the investment that went into it may never be recovered.
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