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Publisher's Summary

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.

What members say

Average Customer Ratings

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    1 out of 5 stars
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Cycles : nothing new!

If your reading this book to understand cycles then move on. 1. Superficial history of the last 40 years in the market. 2. Buy at extreme lows. 3. Position your portfolio in a defensive posture at extreme highs. 3. Psychology is very important.
That’s it!! Also the author is very smart- went to great schools. Few interesting quotes. I learned nothing!!

6 of 6 people found this review helpful

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    3 out of 5 stars
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    3 out of 5 stars

Repetitive

Even though the main premise of the book will be useful to you, the content is way too repetitive. I would have given it 5 stars if this was a short one hour book packed with wisdom. In this format I had to abandon it couple of hours before it ended.

2 of 2 people found this review helpful

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    5 out of 5 stars
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    5 out of 5 stars

Very clear and totally sensible.

Based on experience and on a good knowledge of human psychology and of its usual pitfalls.

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    4 out of 5 stars
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It is not the most important thing!

The book is very interesting and very well narreted.
The subject is not broad as it is in hw first book.
It is good to enhance self discipline and avoid investment pitfalls

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    5 out of 5 stars
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Excellent across the board

Successfully demonstrates that good investing is not a random walk. The Application of a disciplined approach to grasping cycles, their tendencies and their ‘markers’ can make you a better investor. Also, the lessons were applicable outside of the investment world. Very worthwhile.

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    5 out of 5 stars
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Great read

Applicable as a management book as well for those running good sized businesses. Long term planning tool.

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Howard Mark's scratches the corners of our brains

loved it. reading through for a second time. Joseph told Pharaoh to store up food for seven years... because a 7 year famine was coming. cycles have been around for a long time.

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    3 out of 5 stars
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good discussion on market psychology

investor emotion discussed in detail but could have added more data and analysis, especially on current market valuations versus history. overall good book.

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insightful view of the obvious

while it was repetitive, author helps articulate useful experiences in the markets for investors to benefit.

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Repitive but informative!

Definitely a great read for any investor who wants to attain a stronger grasp on market cycles and the ‘human factors’ in markets