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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
  • 4.6 out of 5 stars (133 ratings)

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Mastering the Market Cycle

Written by: Howard Marks
Narrated by: LJ Ganser,Howard Marks
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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 listeners say about Mastering the Market Cycle

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  • Overall
    3 out of 5 stars
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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

5 people found this helpful

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Solid ideas and flow between them

For someone who is still fairly new to investing and finance this book as a little over my head to just listen to. I listen while driving and I found jt was hard to follow at times due to the depth of the content, but overall a very good flow to the book and solid ideas that make sense. I need to take a look at the associated graphics. Still new to audible

1 person found this helpful

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Amazing description of Market Cycles

The book goes into details of Market Cycles and why and how they occur. An investor can capitalize on this knowledge to make more returns.

1 person found this helpful

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Another Great Book From Howard Marks

A very compelling and insightful book on investing and the market cycle. This is a must read for any serious investor.

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I read this book in 2019

This book was very valuable for me. I read it as I was getting into investment, and then the covid crisis happened in the stock market. With the knowledge armed from it I was confident enough to go all in as the market was going down, and it was very financially rewarding. You may know the theory of buy low during a crisis and sell high, but books like this help reinforce your mind and shield you from panic, as a crisis happens and things unfold you remember that yes you were told that this is how it goes, and you should invest anyway.

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This book is easily worth $1000s.

If you can grasp the lessons of this book, no doubt you can double, or triple your investment portfolio once a decade.

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  • LJ
  • 2020-01-08

Repetitive but it helps to get deeply familiar

It repeats itself often and says so up front, but it does say profoundly useful things about the market cycles that will make for a very important piece of your overall understanding of how things work and you are far better off with it than without it.

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  • ML
  • 2019-01-29

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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  • 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!!

39 people found this helpful

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  • Stevo
  • 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.

20 people found this 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.

13 people found this 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.

8 people found this helpful

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  • Randy
  • 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.

5 people found this helpful

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  • Marcus
  • 2019-09-20

False advertising

A lot of platitudes with no practical advice of when and what to buy and sell at any point in the cycle

3 people found this helpful

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  • betsy
  • 2019-07-29

613 ways to say the same thing

Read the title and move on I learned nothing from this book and by half way I was certain it would not change I just could not believe he sounded so wise and not say something of value. So I kept on for nothing.

3 people found this helpful

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    3 out of 5 stars
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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.

3 people found this helpful

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  • Owen Carver
  • 2020-04-20

Good book, hard to listen to quickly.

This is a great book with good fundamental insights into investing & market cycles. The vocal tone of the narrator made it very difficult to listen to at higher speeds that are comfortable for me. Once you get over that it's alright listening and useful info.

2 people found this helpful

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  • Neven Corak
  • 2021-08-20

Excellent Book, highly recommended.

Excellent book on investing must read/listen. If not the very best from all I've read or listened to, than in the top 3 for sure.

Mr Howard Marks is an excellent writer; methodical, logical, clear, intelligent and very knowledgeable. Also narration is great, as close as it gets to perfect in my opinion.

This is my second book from Mr. Marks and both of them are 10+ for my needs and capacities to learn and understand investing.

Highly recommend. Neven Corak

1 person found this helpful