Taking The Temperature
The Memo by Howard Marks
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The Rise and Fall of Residential Real Estate Investments
In a memo from late 2004, I observed that prospective returns on most asset classes were unusually low. Many of these logical errors were being committed by investors in the housing market. Investors are supposed to act as disciplinarians, preventing undeserving securities from being issued. If deals like this can get done, we agreed, there's something wrong with the market.
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