Taking The Temperature
The Memo by Howard Marks
The Vicious Cycle of Poor Performance and Investor Disinterest
Poor performance caused investor disinterest, which then perpetuated the poor performance, creating a vicious cycle. However, the author believes this negative state will likely persist for years. While the argument of the death of equities seemed sensible at first, logical flaws became apparent when thinking like a contrarian. The low point in optimism and enthusiasm for equities indicates that things can't get any worse.
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