
Coming Into Focus
The Memo by Howard Marks
The Corona Virism Crisis of Two Thousand 20 - A Different Kind of Crisis
To day's teck leaders are more superior than ever to run of the mill mpanies, rendering indicees that include both types of company less relevant than ever. Or so it's argued. Regardless of where you come out on that question, if an index consists 25 % of great growth companies at high multiples, up roughly 30 % this year, as of the end of september, might not be meaningful enough to support conclusions about the stock market. A different kind of crisis. One question i'm often asked is how the corona viris crisis of two thousand 20 differs from the past crises.
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