- Hardcover: 336 pages
- Publisher: HACHETTE USA (2 October 2018)
- Language: English
- ISBN-10: 1328479250
- ISBN-13: 978-1328479259
- Product Dimensions: 15.2 x 2.8 x 22.9 cm
- Boxed-product Weight: 522 g
- Average Customer Review: 2 customer reviews
- Amazon Bestsellers Rank: 952 in Books (See Top 100 in Books)
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MASTERING THE MARKET CYCLE GETTING THE O Hardcover – 2 Oct 2018
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"Howard Marks's Mastering the Market Cycle is a must-read, because the cycles covered in this book are important and because Howard is one of the investing greats of his generation." --Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates
"I always say, 'There's no better teacher than history in determining the future.' Howard's book tells us how to learn from history . . . and thus get a better idea of what the future holds."--Charlie Munger, Vice Chairman, Berkshire Hathaway
"While most investment professionals take the standard out - that 'you can't time the market' - in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it's imperative that you do so."--Bill Gurley, General Partner, Benchmark
"Mastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks's hard-earned wisdom will help readers tilt the odds in their favor."--Jeffrey Gundlach, Founder, DoubleLine Capital
"If you're uncertain as to whether there will be a correction in the market - or if you think there's no reason to worry because 'it's different this time' - you have to read this book before you make a move." --Carl C. Icahn, Chairman, Icahn Enterprises
Praise for Howard Marks's THE MOST IMPORTANT THING
"When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book." --Warren Buffett, Chairman and CEO, Berkshire Hathaway
About the Author
HOWARD S. MARKS is cochairman and cofounder of Oaktree Capital Management, the well-known Los Angeles–based investment firm with more than $100 billion under its management. His previous book on investing, The Most Important Thing, was a critically acclaimed bestseller.
From the Publisher
A Note to Readers from Howard Marks, author of Mastering the Market Cycle
Investors clearly could do much better if they knew what lies ahead. But they can’t. Few people can accurately predict what the future holds in store for the economy and markets, and fewer still know enough about these things to out-think and thus out-invest the general consensus of investors whose views are incorporated into – 'discounted by' – the market prices of securities. But we know economies and markets follow an up-and-down pattern called a cycle and, importantly, knowing where we currently stand with regard to the economic cycle and the market cycle can give us a better idea of what lies ahead. This is a process through which investors can get the odds on their side.
When the economy is just beginning to recover from a slowdown and the markets are picking themselves up off the floor after a bust, it’s highly likely that security prices haven’t been lifted to precarious levels by large doses of investor optimism.
Pleasant surprises are more likely to lie ahead than disappointments; investors will probably come to be persuaded of these things over time and thus become buyers; and their buying should cause security prices to rise. At such a point – when economies and markets are low in their cycles – good things are more likely to lie ahead than bad things.
Since security prices aren’t inflated, buying at that point is likely to make for significant appreciation and entail little risk.
And on the contrary, when the recovery and bull market have been rolling for a while, investors are likely to be feeling good, and their optimism is likely to be incorporated in security prices.
Thus prices may be at risky highs; disappointments are more likely to lie ahead than good news; and thus risk may be high and appreciation hard to come by. All these things mean that when we’re high in the cycle, the odds are against you. When others feel good and drive prices to highs, it’s time to cut risk and take some of your money off the table.
In all these things, the operative words are 'likely' and probable.' So while we can’t know what the future holds, we can have a better idea whether the wind is at our back or in our face. The best investors have a sense for where we stand in the cycle and thus whether it’s time to build more aggressiveness or more defensiveness into their portfolios. This book will teach you what cycles are, what causes their rise and fall, and thus how to tell what investment moves are most likely to succeed.
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Most helpful customer reviews on Amazon.com
In many ways, Marks is a very quirky writer. As other folks have noted, he does repeat things from time to time, and his style is so easy going you might be tempted to think it is simplistic - but don't make this insanely bad mistake. Marks is easy to read because he covers his material and thoughts with absolute precision, because he has thought long and hard about what to say, and the continuous repetition occurs because that's how things work in life - they are interconnected. Besides, repetition in this manner is EXACTLY how you want a complicated topic to be taught, and Marks is a master at instruction.
Course, I have another reason for getting excited about this book - I recognize the scared frightened investor I was in 2008 and 2009, and if I'd read this book - or all those Memo's - and actually internalized them I'm next to certain my results would have been much improved. And isn't that what we want in our investment books - an improvement in our technique? I can think of no higher compliment.
This is a phenomenal book and if you manage money for a living you'd be a fool not to read it, and if you invest for yourself you are going to learn a lot. I mean, a lot - and you are going to reread this thing again and again. This is a VERY deep thinking book by a guy with a lot to teach, and opportunities like this one don't come along very often.
And you get this wisdom and knowledge for $18? Absolutely crazy - thanks to the author, thank you very much.
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