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Paperback
Overview
A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLERThe 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 |
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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