Cover image for Mastering the market cycle : getting the odds on your side / Howard Marks.
Title:
Mastering the market cycle : getting the odds on your side / Howard Marks.
ISBN:
9781328479259
Publication Information:
Boston : Houghton Mifflin Harcourt, 2018.

©2018
Physical Description:
viii, 323 pages ; 24 cm
General Note:
Includes index.
Contents:
Why study cycles? -- The nature of cycles -- The regularity of cycles -- The economic cycle -- Government investment with the economic cycle -- The cycle in profits -- The pendulum of investor psychology -- The cycle in attitudes toward risk -- The credit cycle -- The distressed debt cycle -- The real estate cycle -- Putting it all together: the market cycle -- How to cope with market cycles -- Cycle positioning -- Limits on coping -- The cycle in success -- The future of cycles -- The essence of cycles.
Abstract:
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. Howard Marks, cofounder of Oaktree Capital Management, provides insights to help you master these recurring patterns for your own financial gain and psychological benefit.
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Summary

Summary

A NEW YORK TIMES, WALL STREET JOURNAL , AND USA TODAY BESTSELLER

Named one of the Best Business Books of 2018 by Business Insider

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.


Author Notes

HOWARD S. MARKS is cochairman and cofounder of Oaktree Capital Management, the well-known Los Angeles-based investment firm with more than $100 billion under its management. His previous book on investing, The Most Important Thing, was a critically acclaimed bestseller.


Table of Contents

Introductionp. 1
I Why Study Cycles?p. 9
II The Nature of Cyclesp. 22
III The Regularity of Cyclesp. 39
IV The Economic Cyclep. 46
V Government Involvement with the Economic Cyclep. 67
VI The Cycle in Profitsp. 74
VII The Pendulum of Investor Psychologyp. 82
VIII The Cycle in Attitudes toward Riskp. 101
IX The Credit Cyclep. 136
X The Distressed Debt Cyclep. 161
XI The Real Estate Cyclep. 169
XII Putting It All Together - The Market Cyclep. 185
XIII How to Cope with Market Cyclesp. 207
XIV Cycle Positioningp. 246
XV Limits on Copingp. 262
XVI The Cycle in Successp. 270
XVII The Future of Cyclesp. 285
XVIII The Essence of Cyclesp. 294
Indexp. 317