Investor lessons from taking the temperature of markets

Financial Times/Howard Marks/7-10-2023

“However, once in a while, markets go so high or so low that the argument for action is compelling and the probability of being right is high. When markets are at these extremes, the key to generating superior future investment returns lies in understanding what is responsible for the current conditions.”

USAGOLD note: Marks explains how the ordinary investor can gain from “exploiting the differences between how things are supposed to work and how they actually do in the real world.” An important read at the link……