Excellent curation of Howard Marks' memos by the amazing @BlasMoros 👏
While the actual investing methods of H.Marks are not applicable for most investors, his writings on Market cycles & Investor psychology are invaluable.🙏
@dmuthuk @Gautam__Baid
secureservercdn.net/166.62.107.55/…
Some of my favorite parts.
What are some of the recurring mistakes investors make? 👇
His classic pendulum analogy for the Market cycles.
The overall cycles that can affect the Markets & investors.
-Economic cycle
-Business cycle
-Profit cycle
-Credit cycle
-Market cycle
Simple explanation of the credit cycle.
Corporate Life cycle.
Three stages of a Bull Market.
Excellent points on Risk. It's so important to not let the falling stock prices (on good Businesses with plenty of future growth) determine the actual value/riskiness of the Business if you plan to buy it for the long-term.
Actual Link on Blas's blog.
blas.com/on-howard-mark…
We don't need to blindly follow any great investors or criticize them (when they haven't performed as well recently).
Learn what great investors like Graham, Fisher, Buffett & Munger, Lynch, Marks, Klarman and few others have to say. Pick the parts that you like and are applicable to your investing style/goals, and make your own process and evolve as you go along.
All the Best 👍
/END
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