Howard Marks：The Role of Confidence, Excerpt 8

As we’ve seen endless times, investors reach the overconfident state when things have been going well for a while, meaning prices have already soared. And, alternatively, the latter hopeless state is inevitably reached after a bubble has been punctured, the news has turned unremittingly negative, and prices have collapsed.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 8 · Verified：2026-10-19 · Verification：Short excerpt

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