Data from investor Howard Marks shows why there may be another drop in stocks coming soon

This comeback rally for stocks won’t last, if history is any indication.

Data compiled by investor Howard Marks shows that, during the two previous bear markets, the first big comeback rallies have been followed by sharp declines until a bottom was ultimately reached.

“The first and second declines were followed by substantial rallies . . . which then gave way to even bigger declines,” Marks, co-founder of Oaktree Capital, wrote in a memo. His memos are widely read on Wall Street. 

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