The Memo by Howard Marks

The Rewind: What Does The Market Know?

Oct 7, 2021

52:22

Highlights

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Episode notes

What Does a Falling Market Say About Investor Psychology?

04:49

Is the Market Always Right?

05:45

Are There Other Reasons to Sell?

03:58

Introduction

5min

The Market Is Not Always Wrong

3min

The Market Is a Weighing Machine, but in the Short Run, It's a Voting Machine

5min

The Macro Overlooks the Micro

6min

Is the Market Always Right?

5min

The Market Isn't a Fundamental Analyst

3min

Is the Market Always Right?

6min

Did the Market Know Anything About Senior Loans?

6min

Are There Other Reasons to Sell?

4min

10.

What Does a Falling Market Say About Investor Psychology?

5min

11.

Is the Market on the Verge of a Slowdown?

3min

12.

Oak Tree Capital Management L P.

3min

Howard reflects on this memo originally published on January 19, 2016. In the second episode of a two-part series, he discusses the problems with taking advice from the market. But he also draws on insights from his latest memo, Thinking About Macro, to consider what it means when the market does get it right.

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