Markets2018
Mastering the Market Cycle
Howard Marks
Helps investors recognize credit, psychology, valuation, and risk cycles so they can adjust expectations instead of reacting emotionally.
Checklist
Do I have a rule to place decisions in cycle context?
Do I have a rule to manage position risk before seeking return?
Do I have a rule to separate signal from noise?
Do I have a rule to prepare for the thesis to fail?
Write down what would invalidate the thesis.
Set a review date before acting.