The Memo by Howard Marks cover image

The Rewind: Ditto

The Memo by Howard Marks

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Risk and Return Today, 2013 Version

When investors are sanguine, risk is high and when investors are afraid, risk is low. Investors are highly aware of the uncertainties attaching to the sluggish recovery. Their pro-risk behavior is having its normal dangerous impact on the markets. These people aren't buying because they want to but because they feel they have to.

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