
Behind the Memo: The Pendulum in International Affairs
The Memo by Howard Marks
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How Will We Live With the Fluctuations?
People views fluctuate, and we see change in what people consider important. There are no permanent solutions, because there are no perfect solutions. When the market has swung to an irrational extreme, it's possible to take advantage through sales at high prices, through purchases at low prices. It's very common for the market, or for an individual stock to be overvalued...and become more so as time goes on.
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