Taking The Temperature
The Memo by Howard Marks
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How to Avoid Making Macro Calls Too Much
Investors at records of success with calls in markets like these are poor. It's very easy for something that's a little overpriced to go on to become demonstrably more so, and then turn into a raging bubble. Most of the time you have nothing to lose by abstaining from trying to adroitly get in and out of the markets.
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