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.
##凡人凡書,我卻非常喜歡。cycles are not well defined/understood, just like risk, and it’s (a key) part of risk actually。不做superpredictor ,隻是一個瞭解當下的人(where are we),是一個凡人能夠卓越的道路。
評分##短評迴頭再補。書確實有點太長和囉嗦,但是就論述2008年金融危機的經過、周期中人性的作用、周期頂/底點的特徵這些內容,足夠給本書打五星
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##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##看完瞭,從大環境的影響、投資者心理因素等等講述投資理財之道,挺贊的,不知道現在有沒有中文版。
評分##挺囉嗦的,有趣的點在最後幾章。
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。
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##挺囉嗦的,有趣的點在最後幾章。
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