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Mr. Market Miscalculates
The Memo by Howard Marks
Few Drive the Many: Watch, Don't Join
In financial markets, a small number of investors can significantly influence stock prices, particularly during bubbles and crashes. Despite fluctuations reflecting emotional reactions rather than true company value, joining the fray during these irrational movements can be detrimental. Instead, maintaining a detached perspective and understanding market mechanics positions one better to navigate these scenarios effectively.
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