Howard Marks：You Can't Predict. You Can Prepare., Excerpt 11

For decades – literally – I've been lugging around what I thought was a particularly apt enumeration of the three stages of a bull market: the first, when a few forward-looking people begin to believe things will get better, the second, when most investors realize improvement is actually underway, and the third, when everyone concludes everything will get better forever.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2001-11-20-you-cant-predict-you-can-prepare.pdf
Locator：Memo, excerpt 11 · Verified：2026-10-19 · Verification：Short excerpt

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