The Week That Matters (Oct 31-Nov 3, 2023)

“The intelligent investor is a realist who sells to optimists and buys from pessimists.” Benjamin Graham

Bull Market in Pessimism (Part 3)

Part 1 of the author’s series, “Bull Market in Pessimism,” was written at the end of September 2022. The author argued people were being too bearish equity markets, especially software names.

Silicon Valley had already thrown in the towel. Sequoia had started writing bearish macro reports even though they are supposed to…