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The Rewind: bubble.com

The Memo by Howard Marks

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How to Make Money in a Hot Sector of the Market

The idea of people giving up their day job to get involved in a hot sector of the market is universal throughout time. The human desire to be involved and make the easy money, are the characteristic of every bubble. In order for things to be valued so high that their negation brings huge losses, have to have these things - willing suspension of disbelief. But when you get that, then you reach extremes in the market. And it'll always be so,. One of the ways that you have to understand these phenomena is as a lottery ticket. In this instance there were a lot of lottery tickets. You know, if you're right slowly, it doesn't help. But it was right within

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