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Howard  Marks

“The forecasts that are potentially valuable are those that correctly foresee deviation from long-term trends and recent levels. If a forecaster makes a non-conforming, non-extrapolation prediction that turns out to be correct, the outcome is likely to come as a surprise to the other market participants.”

Howard Marks, Mastering The Market Cycle: Getting the Odds on Your Side
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Mastering The Market Cycle: Getting the Odds on Your Side Mastering The Market Cycle: Getting the Odds on Your Side by Howard Marks
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