Thinking About Macro
The Memo by Howard Marks
What Does the Market Know About Future Events?
i concluded my 20 16 memo, what does the market know? By saying that on the subject of when to buy and sell securities, the market has nothing useful to contribute. I think we can say the same about what it knows about future mackerol events. Not only do the market not know what's coming, but they often behave in ways that make little or no long term since i concluded my 20 16 Memo....
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