Author Topic: Mastering the Market Cycle - Howard Marks  (Read 1436 times)

John Hjorth

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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! [ : - ) ]
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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.

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DooDiligence

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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.

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perulv

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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

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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?

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racemize

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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

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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.