One of the most successful Wall Street investors of all time provides practical insight and keen analysis on how to track, and react to, the ups and downs of the stock market. Marks reveals the hidden logic in carefully pinpointing market trends so that every investor can profit.
”When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something.” –Warren Buffett
Economies, companies, and markets operate according to patterns or cycles. These cycles arise from naturally occurring phenomena in everyday business, and to a large extent, from the simple ups and downs of human psychology and behavior. When should you pull out of the market? When should you stay in?
These fundamental psychological influences–including greed and fear–can and do profoundly affect investors. If you carefully study past cycles, understand their origins and import, and remain alert for the next up or down cycle, you won't have to reinvent the wheel in order to understand every investment environment. And you're less likely to be blind-sided by unexpected events.
By following Marks’s insights–which are drawn from his memorable memos to clients–you can master these recurring patterns for your own financial gain and psychological benefit.
##"The most important things" is much better than this. Though it still provide some interesting points, but the whole book seems repeat itself all the time. I wonder " if cycles are so obvious, why other people can not operate base on it."
評分其實還是直接看他的 memo 比較好,感覺他寫書的能力不如寫信
評分##挺囉嗦的,有趣的點在最後幾章。
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##Thank u (for repeating that u have 45 yrs of experience in investing again and again), next
評分##寫的略亂…整本讀下來沒吸收到多少東西
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##保持謙卑,因為所得皆是運氣;保持清高,降維纔有確定收益。
評分##豆瓣上的人完全不理解這本書的價值。男神主要在告訴大傢如何避免追高殺跌的散戶心理,以及貨幣周期和心理是一切周期的罪魁禍首。超越市場的核心不是買好資産,而是好價格,信貸市場完全關閉時,所有人都極度悲觀隻看到風險時,往往是最好的買入時機。
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