Good historical context in this segment on cycles, behaviors and present conditions.
Howard Marks Investor Series, featuring Howard Marks, W’67, Co-Chairman, Oaktree Capital. Here is a direct video link.
Also see Howard Marks: One thing that makes great investors great:“Back in the early seventies somebody gave me a great gift and told me about the three stages of a bull market. The first stage when only a few unusually perceptive people believed to understand that there could be some improvement.
The second stage when most people accept that improvement is actually taking place.
And the third stage when everybody and his brother believes that things can only get better forever. You make a lot of money if you buy in the first stage. You lose a lot of money if you buy in the last stage.
You buy the same things, but what matters is when do you buy them and at what price.”
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