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Mastering the Market Cycle

Getting the Odds on Your Side
Written by: Howard Marks
Narrated by: LJ Ganser, Howard Marks
Length: 9 hrs and 39 mins
4.5 out of 5 stars (35 ratings)
Price: CDN$ 25.00
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Publisher's Summary

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.  

Cover design by Mark R. Robinson.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. 

©2018 Howard Marks (P)2018 Audible, Inc.

What members say

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    3 out of 5 stars

Good review on market cycles...

Is a good review and narration on market cycles you should come away with a few insights more than you went in with from a person who has distilled years of real experience and success into something that can be thought. However there are many ..many times I thought how many ways can you explain the same thing over and over in different words . Well there is a lot of ways it turns out . So the message gets old and repetitive as it goes on and in the end your left with just generalities . Ultimately you will need to pay attention and find your own indicators to help you with real world cycles

1 of 1 people found this review helpful

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Overall good.

Like other reviews have said, yes, it's quite repetitive.
Marks continuously repeats, with varying examples, market cycles.
A section on intro to economics - Marks does an OK job explaining, but I recommend reading How an Economy Rises and Why it falls by Schiff to better understand economics.
Mark covers the 2007 US recession caused by mortgage backed securities in detail. He has been through many, many market cycles and is able to provide solid examples and feedback.
Being a millennial who (unfortunately?) participated in the cryptocurrency craze, this book offers good grounding in investing.
If you're just beginning in the investing world - it's def a decent read.

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great intro for beginners

into capital markets and asset valuations pre and post recessions definitely not a how to book.

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  • darko
  • 2018-11-04

Repetitive

Even though the main premise of the book will be useful to you, the content is way too repetitive. I would have given it 5 stars if this was a short one hour book packed with wisdom. In this format I had to abandon it couple of hours before it ended.

10 of 10 people found this review helpful

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  • Amazon Customer
  • 2018-11-01

Cycles : nothing new!

If your reading this book to understand cycles then move on. 1. Superficial history of the last 40 years in the market. 2. Buy at extreme lows. 3. Position your portfolio in a defensive posture at extreme highs. 3. Psychology is very important.
That’s it!! Also the author is very smart- went to great schools. Few interesting quotes. I learned nothing!!

21 of 25 people found this review helpful

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  • Y. Jiang
  • 2018-11-20

Too many repetitions

The content of the book is actually good, and I think Mr Marks just wants to stress his points, but it ends up appearing way too repetitive.
The points boils down to valuation / psychology.

2 of 2 people found this review helpful

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  • drshoe
  • 2018-11-23

I was expecting more

Howard Marks kept repeating the concept of cycle over and over in this book. It's all common sense, really. He then listed out few anecdotes of how they perceived the bottom of the cycle in the past. Unfortunately, the whole book lacks substance and I really couldn't get much out of it. Everything he's been talking about is just common sense and he is not able to articulate the details of his execution strategies and how to handle different situations. This book should only be 1 hour long. Please skip this book and read Ray Dalio's new book "Big Debt Crises". The PDF version is FREE on his site.

4 of 5 people found this review helpful

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  • Anonymous User
  • 2018-12-22

The reader sounds like he's eating the whole time.

The information is good but the narrator has an annoying speaking voice. He talks like he's drooling over a peanut butter sandwich the entire time.

2 of 3 people found this review helpful

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  • Francis Beaudoin / KPMG
  • 2019-04-15

Very repetitive

Could be much shorter, very repetitive but overall good and enlightening. Buy when markets are falling and sell when markets are sky high.

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  • Daniel Gomes Mesquita
  • Brazil
  • 2019-03-20

A must read (or listen)!!<br />

This was my first experience on Audible and I am glad! I bought the printed version of the book but never found time to read It. With Audible I am able to "read" while walking or driving.

Concerning the book, ir os a Just se as (or listen) for anyone interested to survive the long run in the stock Market!

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  • Rui
  • 2019-03-06

ummm

it would have been good had he not said the exact same thing over and over and over again. other than that he's completely right oh, it totally makes sense.

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  • James Killingsworth
  • 2019-02-28

Fascinating look at market cycles and psychology

Mark's does an excellent job of clearly explaining market cycles and how to identify them in order to help you make better investment decisions.

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  • Dianne
  • 2019-02-14

Good but lacking

A lot of repetitivrness. No specific example of asset allocation in different economic regime. An example of other non-fundamental tool to gauge market sentiment, beyond p/e, p/s would be nice. 20% meat.