Taking The Temperature
The Memo by Howard Marks
The Death of Equity in 2012
Rereading the death of equities in 2012 allowed me to immediately see parallels between the then present day and the environment in which that article was written. From 2012, the year of Deja Vu all over again, through 2021, the S&P 500 returned 16.5% a year. Once again, excessively negative sentiment had resulted in major gains.
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