The Fool does it in the end
The greatest of all investment adages states that “what the wise man does in the beginning, the fool does in the end.”
The wise man invested aggressively in late 2008 and early 2009.I believe only the fool is doing so now. Today, in place of aggressiveness, the challenging search for return should incorporate goodly doses of risk control, caution, discipline and selectivity.
Howard Marks from Oaktree
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