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.
Mental models
Model 1
Use this model to place decisions in cycle context.
Model 2
Use this model to manage position risk before seeking return.
Model 3
Use this model to separate signal from noise.
Model 4
Use this model to prepare for the thesis to fail.