Mr. Market Miscalculates

In his latest memo, Howard Marks discusses the reasons for the
recent market volatility using one of finance’s classic
metaphors: Mr. Market, the figure Benjamin Graham created in 1949
to explain the erratic nature of financial markets. Howard
pulls together some of his best writing on investor psychology
from the past three decades, adds some of his favorite investing
cartoons, and offers a few new observations. He suggests that Mr.
Market’s lessons about the behavior of markets are as relevant
today as they were 75 years ago.


You can read the memo here
(https://cnt.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_1).