Mastering the Market Cycle: Getting the Odds on Your Side

by Howard Marks, A. Grishin (Translator)

Overview

In the world around us, some events and phenomena are regularly repeated, affecting our lives and actions. Understanding cyclical patterns frees us from having to re-make decisions every time in similar circumstances. Financial markets also work in accordance with typical scenarios, some of which are called cycles. They are generated by external circumstances, but - and this is one of the central thoughts of this book - they are no less affected by the ups and downs of the emotional and psychological state of a person and the behavior associated with it. One of the greatest investors of his time, Howard Marks, teaches in quick and easy language how to recognize and evaluate cycles, how not to go to extremes, and how to use knowledge of market cycles to successfully invest in the stock market.

Product Details

ISBN-13:	9785907274167
Publisher:	Alpina PRO
Publication date:	05/03/2023
Sold by:	Bookwire
Format:	eBook
Pages:	264
File size:	2 MB
Language:	Russian

About the Author

HOWARD S. MARKS is co-chairman and co-founder of Oaktree Capital Management, a leading investment manager with more than $120 billion under management. His previous book on investing, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, was a critically acclaimed bestseller.

Table of Contents

Introduction 1

I Why Study Cycles? 9

II The Nature of Cycles 22

III The Regularity of Cycles 39

IV The Economic Cycle 46

V Government Involvement with the Economic Cycle 67

VI The Cycle in Profits 74

VII The Pendulum of Investor Psychology 82

VIII The Cycle in Attitudes Toward Risk 101

IX The Credit Cycle 136

X The Distressed Debt Cycle 161

XI The Real Estate Cycle 169

XII Putting It All Together-The Market Cycle 185

XIII How to Cope with Market Cycles 207

XIV Cycle Positioning 246

XV Limits on Coping 262

XVI The Cycle in Success 270

XVII The Future of Cycles 285

XVIII The Essence of Cycles 294

Afterword 317

Index 325

Editorial Reviews

Howard Marks, among the world’s most successful investment managers as well as an intellectual leader of the profession [has written a new book].  Mastering the Market Cycle is . . . wise . . . A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results.” —Burton G. Malkiel, Wall Street Journal

“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

From the Publisher