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How to Cope With Cycles
Some investors believe in economic and market forecasting, but Howard Marks certainly isn't one of them. No matter where you're at in the cycle, the market is fully capable of moving in any direction whether that be up, down or sideways. Sergeron Templeton stated, To buy when others are despondently selling and sell when others are greedily buying requires the greatest fortitude and it pays the greatest reward. While the markets don't cry out for action along these lines every day, they do at the extremes when their pronouncements are highly important.