Notes: Mastering the Market Cycle
Warren Buffetts and Charlie Mungers value investment style disregards macro economics and encourage bottom up investing. In their opinion most macro investors failed and only a few did macro investing successfully. Yet Howard Marks publishes his new book "Mastering the Market Cycle" and proposes that investors need to take the market cycles into account to be able to deliver above average returns. TLDR I recommend Marks book highly. You will learn from a market veteran about cycles, cycle positioning and investment decision making. Chapters about Cycles Howard Marks starts the first half of his book speaking about cycles. He describes cycles in nature and physics, to economic cycles and cycles in profits, debt and real estate and defines the market cycle. Cycles in nature and physics Nature is full of cycles. The sun circles around the milky way galaxy. Our earth cycles around the sun. So does the seasons. The earth spins every day 1 time around her cente...