Howard Marks of Oaktree Capital wrote a wonderful note on how investors should adjust their forecasts by considering what is already included in the price. He calls it “second-level thinking.” If you think a company’s prospects are good, but the market thinks they’re great, you should expect its stock price to fall, he advises. For most of us, this is not an intuitive response.

Forex algos are a bit similar at the moment. There is no doubt that the outlook is extremely promising in this direction

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