Part 7/8:

Consequently, investors face several tough choices: from adapting to lower expected returns, reducing portfolio risk, or seeking niche opportunities with credible managers to improve returns in unfavorable conditions.

Concluding Thoughts

Marks doesn’t provide a pathway to guaranteed wealth but rather a framework grounded in objectivity and rational decision-making. By weighing the cyclical nature of the markets, understanding one’s own emotional responses to market fluctuations, and recognizing that randomness is an inherent part of investing, investors can position themselves better for whatever the future may bring.