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The Cycle
Sorry to make you squint! A great summary of the emotional journey the majority of people go through during a market drawdown. After a quick review, you may infer that doing the exact opposite of the herd is the intuitive and profitable course of action. We would agree. The challenge of course is in recognizing the historical patterns and having the capacity and mental toughness to stay the course in a challenging environment. We will have a few articles this month that may help with that framework.
Bull Market Rhymes
A timely end of month piece from Howard Marks on bull market psychology. This pertains not just to how bull markets begin, but how they end. As usual, it is full of adages worth their weight in gold.
There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed, as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.
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Tobi Lütke – Embrace the Unexpected
A wide ranging conversation with Shopify CEO Tobi Lütke covering infrastructure, management, and technology. Lots of interesting insights here.
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NFTs are plunging in popularity? Yeah, that makes sense.
On the lighter (funnier?) and more predictable side of the recent volatility. The market for Non-fungible tokens (NFTs) has collapsed. There will be some valuable tech that comes out of the euphoria this space experienced through 2021, but the free money seems to have been met with a very rapid end.
An NFT of the first tweet posted by Twitter founder Jack Dorsey was bought for $2.9 million. When the owner put it up for sale earlier this year, he failed to get any bids over $14,000.
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How to Not Panic
A straight forward piece covering the history of corrections and their frequency. The data is helpful, but the advice may be more valuable:
This is how to not panic. You know history. You understand the risks. And, most importantly, you know yourself. Then you let the chips fall where they may. You don’t obsess over the headlines. You don’t try to predict the future. You enjoy your life. You go out with friends and family. You make cherished memories.
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