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TIP559: Mastering the Market Cycle by Howard Marks
We Study Billionaires - The Investor’s Podcast Network
The Limits of Negatism
The safest and most rewarding time to buy usually comes when everyone is convinced there's no hope. In times of extreme negatism, exaggerated risk aversion is likely to cause prices to already be as low as they can go. As our modest, negative surprises are unlikely, the slightest turn for the better would result in appreciation.
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