Bull Market Rhymes
The Memo by Howard Marks
What Happens in a Bull Market?
In bulle markets, optimism coalesces most powerfully around certain groups of securities. One tech fund rose by 157 % in 20 20, moving from obscurity to fame, but it lost 23 % in 20 21 and is down another 57 % so far in 20 22. 100 dollars invested at year end 20 19 was worth 257 doll a year later, but that's down to 85 dollars to day. Live by the sword, die by the sword. Goes up, must come down. And the bigger they are, the harder they fall.
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