Howard Marks：You Can't Predict. You Can Prepare., Excerpt 12

But somehow, the stocks did stop going up. And then they started going down. I don't think anyone can say just what it was that caused the tech bubble to burst. Certainly I can't think of any one thing – even in hindsight, which is usually 20:20. Maybe the groundwork was laid for declines when it was shown merely that the rise could slow. Maybe a few smart people, to paraphrase the third of the three stages, concluded that everything wouldn't get better forever. The best explanation probably is that the prices just collapsed under their own weight.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2001-11-20-you-cant-predict-you-can-prepare.pdf
Locator：Memo, excerpt 12 · Verified：2026-10-19 · Verification：Short excerpt

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