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Pre-Crisis Market Sentiment
- The years 2005-2007 were generally positive, with a healthy economy and recovering investor psychology.
- Low interest rates led investors to search for higher returns, increasing their risk tolerance.
Carpet Conversations
- Howard Marks frequently discussed concerning deals with Bruce Karsh, highlighting increasing risk-taking.
- He noted the evaporation of risk aversion, a key factor in market stability.
Buffett's Wisdom
- Increase prudence when others are less prudent, as advised by Warren Buffett.
- Prepare for challenging times when markets become overly optimistic.