By Zach Kouwe
![]() My overall vision continues to be of an airplane rising weakly, perhaps overloaded or with an engine sputtering and thus having difficulty getting above “stall speed.” Its sluggishness constitutes a drag and introduces risk, but predicting deceleration is going too far . . . and not necessary to convince us to remain cautious in deciding on our course of action. So, as is often the case, the swing we’ve had is more in psychology than in fundamentals. The positives of June are diminished, forgotten or eclipsed, and now investors are preoccupied with the negatives. As usual, the truth probably lies in between. Thus right now I would be a better buyer, albeit in moderation since fundamentals still pose threats. I feel the prosperity we enjoyed in the final decades of the twentieth century was considerably better than “normal,” and better than we’re likely to see up ahead. I’m not implying a world without growth or otherwise permanently negative. Just one without the prosperity, dynamism or positive feelings of past decades.Howard Marks on What's Behind the Downturn 09-07-11 This is your new blog post. Click here and start typing, or drag in elements from the top bar.
9/19/2012 05:09:03 pm
Found your site through Weebly and wanted to say hi
Reply
Leave a Reply. |
Categories
All
|
Please see Terms of Use
|