Mastering the Market Cycle

“Howard Marks, among the world’s most successful investment managers as well as an intellectual leader of the profession [has written a new book]. Mastering the Market Cycle is…wise…A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results.” —Burton G. Malkiel, Wall Street Journal “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.” — Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates “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.” — Charlie Munger, Vice Chairman, Berkshire Hathaway “While most investment professionals take the standard out – that ‘you can’t time the market’ – in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it’s imperative that you do so.” — Bill Gurley, General Partner, Benchmark “ Mastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks’s hard-earned wisdom will help readers tilt the odds in their favor.” — Jeffrey Gundlach, Founder, DoubleLine Capital ”If you’re uncertain as to whether there will be a correction in the market – or if you think there’s no reason to worry because ‘it’s different this time’ – you have to read this book before you make a move.” — Carl C. Icahn, Chairman, Icahn Enterprises Praise for Howard Marks’s THE MOST IMPORTANT THING “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something, and that goes double for his book.” — Warren Buffett, Chairman and CEO, Berkshire Hathaway