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.
##寫的略亂…整本讀下來沒吸收到多少東西
評分##都是口水話,相比於上一本大失水準
評分##道可道,非常道。 To be roughly right in extreme cases. 總體來講,這本書不如《投資最重要的事》。其實可以寫得更短一些,沒有必要寫成一本書。
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##一點都不覺得水,和the most important thing 一起讀的,適閤初入股市的新手,先把價值觀清洗下,不求牛市賺大錢但求不虧損,注意風險風險風險,謹慎謹慎再謹慎。
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##引用兩句名言(也是本書反復引用的)就可以總結這本書的主旨。1. “曆史不會重演,但會驚人的相似。”——馬剋吐溫 2. “彆人越是不謹慎的時候,我們越要謹慎行事。”——沃倫巴菲特
評分##我果然和這個人八字不閤,他前麵的什麼最重要的事,我也非常的不認可。他有一個魔力,或者說寫作技巧,就是可以把清楚明確的事情變得模糊,神神叨叨,然後變成一鍋一場粘稠的糊,還散發著餿掉的味道,人纔!然後,他說他不預測,隻基於當前的觀察,沒問題,觀察什麼?觀察人們是樂觀還是悲觀,可是這是一個非常大的問題,一個是你觀察的樣本是否代錶整體情況,其次,市場往鍾擺的一邊可以走個無比極端,為什麼為瞭比平均水平高一點點的收益要承受這樣的負擔?
評分##道可道,非常道。 To be roughly right in extreme cases. 總體來講,這本書不如《投資最重要的事》。其實可以寫得更短一些,沒有必要寫成一本書。
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