Mastering the Market Cycle

Getting the Odds on Your Side

By: Howard Marks

Narrated by: LJ Ganser, Howard Marks

The legendary investor shows how to identify and master the cycles that govern the markets.

We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.

If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed.

By following Marks’s insights - drawn in part from his iconic memos over the years to Oaktree’s clients - you can master these recurring patterns to have the opportunity to improve your results.

Cover design by Mark R. Robinson.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2018 Howard Marks (P)2018 Audible, Inc.

Contrarian Advice to beat the Market

Marks reminds us that not only do up markets go down and down markets go up, but explains how the things that bring a market up cause the eventual downturn and visa versa. His clear reminders that “this time it’s different” has always preceded every market then around will help you resist the FOMO that tempts you to follow the momentum of three crowd, and position yourself to profit by being a contrarian investor.

worth reading for a larger perspective

interesting and informative book. somewhat repetitive but still acceptable. this book helps put the market into perspective and combines it with human psychology.

definitely worth a read or a listen

Brilliant

Loved this book. Great resource for navigating the pessimisms and euphoria/FOMO of markets in an ever changing world

Excellent material, hard to visualize

Marks is in my top 4 investors in the world not just for his market performance, but in his moral judgment, desire to teach others, and humility. Buffett buys and holds wonderful companies, Dalio diversifies across uncorrelated asset classes, Bogle indexes, and Marks shows how to set your financial sail based on how the wind is likely to blow, if you know these larger economic weather patterns. I would have much preferred if he narrated his own book; the performer tried to imitate his even style, but it became repetitive towards the end.

The accompanying pdf has figures to help visualize, but I would buy the physical book to have them available as I read. Or, I would have wanted accompanying blog posts or an illustrated version that shows the exact oaktree funds and other data sources that Marks uses, but I guess the man can't give away all his secrets.

All in all, I would want to invest with Marks and will also read his other books and memos to his newsletter subscribers.

Great Book

Love this book and the performance is great. It does have a good amount of ideas/ phrasing that requires you have background knowledge on the subject.

If you can’t follow it 100% it’s descriptive enough that you’ll get it the second or third time you listen to it. I plan on listening twice.

great book for cycles

Howard is the man, great info that can't be learned among most situations in life.

cycles

the importance to understand market cycles, and the "irrational" market at valley and tops. discipline and consistency of how understand cycles are important.

Good for easy listening bur repititve

Valuable book by the investment maestro especially under these crazy times and how to make sense of it all. Book is not technical so its good for easy listening. However, it does get repetitive

Highly Recommend

Should be a top read of any investor attempting to comprehend market analysis without the noise.

Causes identified that cause large ups and downs of the stock market.

Clear descriptions of the causes of unpredictable (in timing), but nevertheless recurring signs that signal ups and downs of the stock market.