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Mastering The Market Cycle

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What to expect

One of the most successful Wall Street investors of all time provides practical insight and keen analysis on how to track, and react to, the ups and downs of the stock market. Marks reveals the hidden logic in carefully pinpointing market trends so that every investor can profit.

"When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." -Warren Buffett

Economies, companies, and markets operate according to patterns or cycles. These cycles arise from naturally occurring phenomena in everyday business, and to a large extent, from the simple ups and downs of human psychology and behavior. When should you pull out of the market? When should you stay in?

These fundamental psychological influences-including greed and fear-can and do profoundly affect investors. If you carefully study past cycles, understand their origins and import, and remain alert for the next up or down cycle, you won't have to reinvent the wheel in order to understand every investment environment. And you're less likely to be blind-sided by unexpected events.

By following Marks's insights-which are drawn from his memorable memos to clients-you can master these recurring patterns for your own financial gain and psychological benefit.

Critics Review

Mastering the Market Cycle is a must-read

Ray Dalio, author of 'Principles'

Howard Marks’s Mastering the Market Cycle is a must-read, because the cycles covered in this book are important and because Howard is one of the investing greats of his generation.

Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates, author of Principles

I always say, ‘There’s no better teacher than history in determining the future.’ Howard’s book tells us how to learn from history . . . and thus get a better idea of what the future holds.

Charlie Munger, Vice Chairman, Berkshire Hathaway

Howard Marks, among the world’s most successful investment managers as well as an intellectual leader of the profession [has written a new book]. Mastering the Market Cycle is…wise…A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results.

Wall Street Journal

While most investment professionals take the standard out – that ‘you can’t time the market’ – in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it’s imperative that you do so.

Bill Gurley, General Partner, Benchmark

Mastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks’s hard-earned wisdom will help readers tilt the odds in their favor.

Jeffrey Gundlach, Founder, DoubleLine Capital

If you’re uncertain as to whether there will be a correction in the market – or if you think there’s no reason to worry because ‘it’s different this time’ – you have to read this book before you make a move.

Carl C. Icahn, Chairman, Icahn Enterprises

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