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Mastering the Market Cycle: Getting the Odds On Your Side

byHoward Marks

Investor Howard Marks explains how markets move through recurring cycles of optimism and pessimism, easy and tight credit, rising and falling risk tolerance, and economic expansion and contraction. He does not claim that turning points can be predicted precisely. Instead, he shows how investors can assess where conditions stand, recognize extremes in sentiment and valuation, and adjust aggressiveness accordingly. Drawing on market history and decades of experience, Marks emphasizes probabilities rather than forecasts. The book's central lesson is that understanding the cycle can improve the odds by encouraging caution when confidence is abundant and courage when fear dominates.

Publisher

Harper Business

Publication date

2018-10-02

Format

Print edition

Pages

336

ISBN

9781328479259