Howard Marks has been writing investment memos for 30 years that Warren Buffett says he reads first thing every time.
In 36 minutes he explains why every bull market ends the same way - and where he thinks we are right now.
36-min. Oaktree. TBPN.
Bookmark & watch - the clearest market cycle read you'll find in 2026
JP Morgan paid ~$700K/year to headhunt this Goldman Sachs trader, who turned $25M → $400M
- Lehman Brothers also hired him and after he left the bank collapsed with $600B in debt
16-min and you’ll learn exactly what skills made every top fund on Wall Street chase the same trader
Paul Wilmott predicted the 2008 crash, went 100% to cash, then taught 9,500 Wall Street traders how to trade
you will watch the man called "the smartest quant in the world" sit across from a Wall Street programmer who wrote the code that destroyed the economy
Bookmark & watch - this 45-min documentary will change how you think about risk forever
Jesse Livermore mapped this pattern 100 years ago
He made $100 million shorting the 1929 crash using this exact framework
Livermore's Speculative Chart maps how smart money distributes to retail before a major top
We're at stage 6-7 - the first pullback after the trap
As I said.... Higher. And strongly!
Now where are all the people telling me how wrong I was.... (again)?
Did it take longer? .....Yes!
Was I directional wrong? - No!
But - guys.... don't get too comfy in this move despite its apparent strength.
Enjoy - and get out in due time - when EVERYBODY is all Bulled-Up!
$SPY PREDICTIONS.
1) SPY goes Parabolic shortly after today's shockwave drop.
2) Today's drop ignited the market engine for the meltup phase.
3) MAG7 are compressed and ready. Big guns reloaded. Earnings ready. $AAPL double-bottom, apple vix top.
4) Technicals reset in 1 day. VIX3M:VIX30D, CPC, etc all reset to healthier levels.
5) $700+ on Feb 4, $710+ on Feb 12.
6) Trump stirred up the pot the wrong way, but the strong price flow direction will overcome his negative stir effort. Noise only. Positive news drop is coming. Powell will swing the $VIX Pendulum down.
7) $SPY must recapture the Anchor Core at $679.88 for this positivity to be confirmed. Close at $684+ tomorrow at gap low end is the strongest confirmation.
$VIX structure went in backwardation today, it will resolve quickly. VIX will be crushed AM. But VIX will be dominant Feb to June. A volatile period even as SPY rises. See pic.
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