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Howard Marks Releases Memo: 'Bull Market Rhymes'

Legendary investor discusses trends in investor behavior

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May 27, 2022
  • The guru's paper begins with comments on a famous adage attributed to Mark Twain.
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In one of his famous “memos” released on May 26,

Howard Marks (Trades, Portfolio), co-chairman of multibillion-dollar asset management firm Oaktree Capital, discussed some classic themes in investor behavior.

The paper, titled “Bull Market Rhymes,” began with Marks commenting on a popular adage attributed to American author Mark Twain: “History doesn’t repeat itself, but it does rhyme.”

As such, Marks noted that while the “events of investment history don’t repeat,” themes do recur, particularly behavioral ones, which is the main focus of the memo. He wrote:

“I want to mention up front that this memo has nothing to do with assessing the markets’ likely direction from here. Bullish behavior came out of the pandemic-related bottom of March 2020; since then, significant problems have developed inside the economy (inflation) and outside (Ukraine); and there’s been a significant correction. No one, including me, knows what the sum of those things implies for the future.”

The investor then went on to highlight some of the recurring themes in investors’ behavior that he has observed over the past two years and the lessons that can be learned from them.

Read Marks’ full memo here.

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