高盛-我们处在本轮周期的什么位置？（全球宏观）-20190204-23页_行业资料_市场研究报告_3.docxVIP

EquityResearchGlobal Macro Research Equity Research TOPof ISSUE 75 | February 4, 2019 | 5:35 PM EST WHERE ARE WE IN MIND THE MARKET CYCLE? Risk assets have recovered a large share of last year’s losses, but sentiment still seems less ebullient than one year ago, and investors remain nervous about slowing growth. Against this backdrop, how to interpret recent price action—and whether it signals a turning point for markets—is Top of Mind. We sit down with long-time investor Howard Marks, who believes that last year’s repricing re?ected a correction of excessive exuberance rather than a materia