Mauboussin: Understanding Procyclicality And Preparing Your PortfolioRupert Hargreaves
"Successful long-term investors are able to avoid both irrational exuberance and irrational despair, which enables them to take advantage of the extreme behavior of others," that's one of the takeaways from a new research report from Michael Mauboussin and team at Blue Mountain Capital Management.
The report, titled 'Procyclicality and its Extremes' considers the impact of procyclicality on investors and its role in bubbles and crashes in financial markets.
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