Taking The Temperature
The Memo by Howard Marks
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The Importance of Pattern Recognition in the Investment Industry
The first of the five calls described just now was made in 2000, when I had already been working in the investment industry for more than 30 years. Pattern recognition is an important part of what we do, but it seems to require time in the field and some scars rather than just book learning. In my book, Mastering the Market Cycle, I defined cycles not as a series of up and down movements, each of which regularly precedes the next.
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