Howard Marks’s latest book, Mastering the Market Cycle, is a compendium on the different cycles investors contend with. The book stands as a lesson on observation over prediction. It’s a solid addition to his classic The Most Important Thing.
Since I just started on my notes on the book, I thought I’d leave market cycles for another day. Instead, I want to share some highlights from the book.
I avoided his more popular idioms, as well as quotes from his memos that he always includes in his books, and focused on the secondary lessons that stood out.
Let’s dive in: Continue Reading…