SUMMARY.Mastering the Market Cycle Getting the Odds on Your Side By Howard Marks
· What’s in it for me? Understand market cycles and become a superior investor.
· Investors do their best to buy assets with high value at a low price.
· Cycles are similar to natural patterns, though they aren’t nearly as predictable.
· Markets have different cycles in the long term than in the short term.
· The major driver of short-term market fluctuations is investor psychology, which is hard to resist.
· It’s wisest to invest when risk seems high and sell when risk seems low.
· Long-term economic growth is driven by the number of hours worked and productivity per working hour.
· Final summary