“Mastering the Market Cycle: Getting the Odds on Your Side” by Howard Marks, Oaktree Co-Chairman and Co-Founder
New book by renowned investor
“Howard Marks’s Mastering the Market Cycle is a must-read,
because the cycles covered in this book are important and because Howard
is one of the investing greats of his generation.”
“I always say, ‘There’s no better teacher than history in determining
the future.’ Howard’s book tells us how to learn from history . . . and
thus get a better idea of what the future holds.”
Mastering the Market Cycle reveals how shrewd observation of cycles can open any investor’s eyes to opportunities that are often hidden in plain sight. In this latest book, Mr. Marks helps investors of all experience levels and abilities to sharpen the skills necessary to recognize market cycles and understand how they work. To do so, Mr. Marks recommends that investors look to three things: recent history, human emotion and asset pricing. Once attuned to these signs, investors will be better equipped to interpret the volatility of market cycles and will see a logical pattern that will bring clarity to their investment decisions.
Mastering the Market Cycle draws from Mr. Marks’s fifty-year investment management career and his firsthand experience successfully steering Oaktree through multiple market cycles to show readers how to focus a cycle-savvy lens on any aspect of investing, from credit to real estate to stocks. With a clearer understanding of where the market is positioned, what that implies for its future movements, and what to do as a result, readers will learn to invest with confidence.
Marks challenges investors to ask themselves these questions:
- Are we close to the beginning of an upswing, or in the late stages?
- If a particular cycle has been rising for a while, has it gone so far that we’re now in dangerous territory?
- Are investors appropriately risk-averse or foolishly risk-tolerant?
- Is the market overheated (and overpriced), or is it frigid (and thus cheap) because of what’s been going on cyclically?
- Taken together, does our current position in the cycle imply that we should emphasize defensiveness or aggressiveness?
Oaktree is a leader among global investment managers specializing in
alternative investments, with
Oaktree Capital Group, LLC
Fortier Public Relations
David E. Millar
Sard Verbinnen & Co