“Very few things move in a straight line. There’s progress and then there’s deterioration. Things go well for a while and then poorly. Progress may be swift and then slow down. Deterioration may creep up gradually and then turn climactic. But the underlying principle is that things will wax and wane, grow and decline. The same is true for economies, markets and companies: they rise and fall. The basic reason for the cyclicality in our world is the involvement of humans…. People are emotional and inconsistent, not steady and clinical.” —Howard Marks
Links - 5/18/2021
Links - 5/18/2021
Links - 5/18/2021
“Very few things move in a straight line. There’s progress and then there’s deterioration. Things go well for a while and then poorly. Progress may be swift and then slow down. Deterioration may creep up gradually and then turn climactic. But the underlying principle is that things will wax and wane, grow and decline. The same is true for economies, markets and companies: they rise and fall. The basic reason for the cyclicality in our world is the involvement of humans…. People are emotional and inconsistent, not steady and clinical.” —Howard Marks