Author Topic: Mastering the Market Cycle - Howard Marks  (Read 2946 times)

John Hjorth

  • Hero Member
  • *****
  • Posts: 2700
Mastering the Market Cycle - Howard Marks
« on: October 05, 2018, 04:36:21 AM »
I received this book from amazon.de today. [Cheapest for me get it there.] -Great timing, up to a weekend! [ : - ) ]
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai


Cardboard

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 3143
Re: Mastering the Market Cycle - Howard Marks
« Reply #1 on: October 05, 2018, 04:17:38 PM »
Please let us know your thoughts. I have read The Most Important Thing and thought it was really good.

Wondering if this is somewhat repetitive.

Cardboard

DooDiligence

  • Hero Member
  • *****
  • Posts: 1883
  • ♪ 🎶 ♫ ♪ 🎶 ♫
Re: Mastering the Market Cycle - Howard Marks
« Reply #2 on: October 05, 2018, 06:05:08 PM »
Please let us know your thoughts. I have read The Most Important Thing and thought it was really good.

Wondering if this is somewhat repetitive.

Cardboard

Finally, we agree on something.
Healthcare 25.9% - CVS EW NVO // BRK.B - 23.1% // Auto's & Oil 15.0% - CLB GPC VDE

Entertainment 4.8% - DIS // Banking 9.9% - WFC // Drinkers & Smokers 4.9% - MO

%'s held @ MV 08/29/2019 minus 16.4% investable cash

i trumpet my ignorance

https://twitter.com/tunawish

perulv

  • Newbie
  • *
  • Posts: 38
Re: Mastering the Market Cycle - Howard Marks
« Reply #3 on: October 28, 2018, 02:58:06 AM »
I've read about 2/3rds of this book now. I have not read his previous book, or any of his memos before. I've subscribed now, and plan to read "The most important thing" next. He does "warn" at the start of the book that he repeats some content from of his memos. For a first time reader like me, I think this is fine. I listen to the audible-version, and it can sometimes be a bit hard to know when the part from the memo stops and the "book" continues.

In general, I find the book valuable. He emphasizes that the point is not to try to predict where the market is going (if he did, I would probably stop reading), but that there is great value in knowing where we are in the cycle(s). I think the subtitle of the book is describing: "Getting the odds on your side". E.g. if valuations are high, credit is widely available, and everybody is optimistic, the probability of future high returns is likely to be lower. At least that is how I read it. I also find it useful that he describes the many different cycles (credit, fundamentals, economy, psychological etc).

I also find some of his observations that are not specific to "the market cycle" to be highly valuable. Like the fact that in addition to having an opinion, one should have some idea how how likely this opinion is to be correct. Behavioural economics.

It is hard to say if I will end up being better at knowing / having-an-opinion-of where the market cycle is, after reading this book. But I do think there is wisdom in it, which I will hopefully be able to retain some of. And hopefully, perhaps, I will be a bit better at adjusting my exposure/actions according to the phase in the cycle(s).

chesko182

  • Full Member
  • ***
  • Posts: 128
Re: Mastering the Market Cycle - Howard Marks
« Reply #4 on: October 29, 2018, 08:18:11 AM »
anyone who has read both care to comment if the second is worthwhile?

thanks
twitter: @chesko182

ALLY, JPM, UHAL, BRK, GM, AER, LBRDA, SEMUF, TWX, PRXIQ

racemize

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2725
Re: Mastering the Market Cycle - Howard Marks
« Reply #5 on: October 29, 2018, 08:36:36 AM »
If you’ve read his memos, there’s not much here.

thowed

  • Jr. Member
  • **
  • Posts: 92
Re: Mastering the Market Cycle - Howard Marks
« Reply #6 on: October 29, 2018, 12:26:40 PM »
I've just been dipping in so far, but it hasn't grabbed me in the same way as 'The Most Important Thing'.

It feels like that a fair bit of it is an expansion on a general Marks theme of 'where are we in the cycle', and so if you've read the first book, and the Memos since, it's not as enlightening as before.

That said, maybe I read to sit down and read it properly to get more out of it.  There's certainly some good stuff in there, and it's also a very important theme that he covers.

I'm also delighted that he features an investment hero of mine, Nick Train of Lindsell Train, and I hope it exposes him to a broader US audience.

Cigarbutt

  • Hero Member
  • *****
  • Posts: 1729
Re: Mastering the Market Cycle - Howard Marks
« Reply #7 on: February 28, 2019, 05:47:12 AM »
Would say that the "new" book does not add very much if you've followed Mr. Marks.
Maybe helpful in consolidating some concepts.

"One of my most persistent observations and – in a related way – one of the questions I’m most often asked is whether people can learn to be unemotional. My answer is “yes and no.”

I think it’s possible for people to be on the lookout for potential emotional influences and to try to restrain their effect. But I also think people who are inherently unemotional will have it much easier.

A lack of emotionality is a gift (in investing, that is, but perhaps not in other areas, like marriage). It’s not my point that emotional people can’t be good investors, but it will require a great deal of self-awareness and self-restraint."

The more it changes...

nickenumbers

  • Full Member
  • ***
  • Posts: 210
Re: Mastering the Market Cycle - Howard Marks
« Reply #8 on: February 28, 2019, 06:05:57 AM »
I have read the first book, most of the memos, and I am about 1/2 way thru the new book, Mastering Market Cycle.

I agree with what has already been said about this new book.  It is a little slower for me as I am familiar with Marks thoughts and ideas.

Now, I am a huge fan of Howard Marks.  He is brilliant, and gifted as a teacher.  He can explain complex economics and ideas in a way that I fine simple and effective.  He is a MASTER!

The fact that he took the time to write a book, compels me to read it.  The time that I invest in reading the book would have otherwise been spent on less valuable pursuits, like Game of Thrones and Reality TV.  ;-]
The fastest Cheetah still waits for the lame baby antelope.  ..patience..