The Rewind: You Can’t Predict. You Can Prepare.
The Memo by Howard Marks
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How to Predict the Stock Market's Future?
Psychology is dominant in determining market outcomes. Can we neutralize it, or can we benefit from it? i think that it's impossible to predict psychology. When you do it at the extremes, the argument is compelling and the probability of success is high. But when you do it in between, that's not so.
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