Howard Marks 今天的 memo 讀起來就偏保守許多，簡單翻譯他個人結論：（在很微觀的尺度下）認為上週的反彈隱含太多樂觀。在樂觀版未來的情況下週五的價格是合理的，但可能沒有給潛在的悲觀版本夠多的重視。預期資產價格可能會下跌。你可能會也可能不會認為還有時間去為可能的惡化版本增加防禦性。但最重要的是做好可以馬上回應的準備，使自己可以利用下跌（買進）
整篇讀完我個人小總結
1.看到政府、很多人都在努力把事情導回"正軌"，但必須同時做對很多事情，才能在"短期內"使經濟回到疫情前
2.下檔還是有機率惡化，不管那機率有多小。但一發生，惡化的深度可能很大
雖然這樣，但昨天也看到一段 Ian Cassel 的話，對我來說也是非常好的提醒，提醒我最重要的工作是什麼
"When you are sitting on a big cash position it's easy to become too bearish because you have the ability to take advantage of a drawdown like few others do. You wake up pissed the market isn't down more and it paralyzes you from pulling the trigger on anything.You start studying macro and trying to pick bottoms when you should be just analyzing the heck out of your wish list of companies, formulating where you think their businesses will be in 3-5 years and buying a little knowing you might look dumb in 3-6 months and being ok with it."
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