Mastering the Market Cycle: Getting the Odds on Your Side

Mastering the Market Cycle: Getting the Odds on Your Side

by Howard Marks


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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.

Product Details

ISBN-13: 9780358108481
Publisher: HMH Books
Publication date: 03/16/2021
Pages: 352
Sales rank: 336,903
Product dimensions: 8.80(w) x 5.90(h) x 1.10(d)

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

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