Howard Marks: The Pendulum of Investor Psychology | Value Investing News

Howard Marks: The Pendulum of Investor Psychology

  • Their greed causes them to compete to make investments, and their bidding causes markets to rise and assets to appreciate.
  • When there’s only greed and no fear, for example, everyone wants to buy, no one wants to sell, and few people can think of reasons why prices shouldn’t rise.
  • And by the way, the price I’m buying at can’t be excessive, because the market’s always efficient.” Everyone perceived a virtuous cycle in favor of tech stocks to which there could be no end.
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