The Rewind: It Is What It Is
The Memo by Howard Marks
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The Poor Man's Guide to Market Assessment
The skinniness of to day's risk premiums can be observed mo clearly in the high yield bond market. This is a time for caution, not aggressiveness for reaping more than sowing. Markets have been paltry since some alternative investment returns were quite good. High past returns don't imply high future returns. More likely, they've borrowed from the future.
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