Mastering the Market Cycle

Getting the Odds on Your Side

By: Howard Marks

Narrated by: LJ Ganser, Howard Marks

Length: 9 hrs and 39 mins

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.

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.

Too many repetitions

The content of the book is actually good, and I think Mr Marks just wants to stress his points, but it ends up appearing way too repetitive.
The points boils down to valuation / psychology.

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!!

I was expecting more

Howard Marks kept repeating the concept of cycle over and over in this book. It's all common sense, really. He then listed out few anecdotes of how they perceived the bottom of the cycle in the past. Unfortunately, the whole book lacks substance and I really couldn't get much out of it. Everything he's been talking about is just common sense and he is not able to articulate the details of his execution strategies and how to handle different situations. This book should only be 1 hour long. Please skip this book and read Ray Dalio's new book "Big Debt Crises". The PDF version is FREE on his site.

ummm

it would have been good had he not said the exact same thing over and over and over again. other than that he's completely right oh, it totally makes sense.

The reader sounds like he's eating the whole time.

The information is good but the narrator has an annoying speaking voice. He talks like he's drooling over a peanut butter sandwich the entire time.

Good book, hard to listen to quickly.

This is a great book with good fundamental insights into investing & market cycles. The vocal tone of the narrator made it very difficult to listen to at higher speeds that are comfortable for me. Once you get over that it's alright listening and useful info.

False advertising

A lot of platitudes with no practical advice of when and what to buy and sell at any point in the cycle

613 ways to say the same thing

Read the title and move on I learned nothing from this book and by half way I was certain it would not change I just could not believe he sounded so wise and not say something of value. So I kept on for nothing.

Good but lacking

A lot of repetitivrness. No specific example of asset allocation in different economic regime. An example of other non-fundamental tool to gauge market sentiment, beyond p/e, p/s would be nice. 20% meat.