Mastering the Market Cycle

Why read it

• You will learn to take money off the table and grow more defensive when the odds turn against you
• You will understand investing as drawing a ticket from a bowl of outcomes, where better investors judge what tickets are in the bowl
• You will see how cycles in the economy, profits, credit, real estate and investor mood feed into one another to drive markets

Who it is for

• An investor deciding when to be bold and when to be careful
• A fund manager comparing credit, real estate and equity cycles
• A saver tempted to chase a rising market

Contents

1. Memos from Howard Marks
2. Introduction
3. Why Study Cycles?
4. The Nature of Cycles
5. The Regularity of Cycles
6. The Economic Cycle
7. Government Involvement with the Economic Cycle
8. The Cycle in Profits
9. The Pendulum of Investor Psychology
10. THE CYCLE IN ATTITUDES TOWARD RISK
11. THE CREDIT CYCLE
12. THE DISTRESSED DEBT CYCLE
13. THE REAL ESTATE CYCLE
14. PUTTING IT ALL TOGETHER—THE MARKET CYCLE
15. HOW TO COPE WITH MARKET CYCLES
16. CYCLE POSITIONING
17. LIMITS ON COPING
18. THE CYCLE IN SUCCESS
19. THE FUTURE OF CYCLES
20. THE ESSENCE OF CYCLES

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