Taking The Temperature
The Memo by Howard Marks
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The Cycle of Defensiveness
The S&P 500 index fell to a low of $7.35 in February 2009 down 53% from its high of $15.49, reached in 2007. Most people are willing to undertake risky investments because promised returns seem so meager. Risk premiums are generally the skimpiest I've ever seen but few people are responding by refusing to accept incremental risk.
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