Financial Markets

"When the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely  self-confident generation as a brilliant discovery in the financial and larger economic world.

Howard Marks discusses the importance of understanding the market pendulum in his seminal investment book "The Most Important Thing".

"Very early in my career, a veteran investor told me about the three stages of a bull market. Now I'll share them with you.