“Hell is empty and all the devils are here.” These are the words of William Shakespeare in his play The Tempest. This theme fits in very well with the implosion of the financial markets across the globe. There’s literally no place for your capital to hide, except perhaps under your mattress. And even then, you’re not safe from the real threat of theft from your local burglars.

Howard Marks put it best when he said that in a bear market all you need is a sound investment process, money and bravery. However, never forget that those are the same things that can and will kill you in “normal markets”.

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