My 25IQ blog post for next Saturday is on the new book" Mastering the Market Cycle- Getting the Odds in your Favor" by Howard Marks. You may recall that the market cycle was one of the most important things in his previous book "The Most Important Thing." The new book drills down
For people who did not live through the NASDAQ hitting the bottom of its cycle in 2001, what mattered most was cash money. To this day (actually even before then) if you try to buy a hot dog with "earnings" you will go hungry. Cash rules everything around me & a business (CREAM).
The cash disappeared when the Internet bubble popped like water does when you finish cleaning your toothbush and push down on the faucet handle. Cash was there in abundance pre-bubble pop and then was completely absent. No new cash. If you had cash then, you named your own price.
