My 299th blog post "Lessons from Howard Marks’ New Book: “Mastering the Market Cycle – Getting the Odds on Your Side.” 25iq.com/2018/10/06/les… "You can prepare; you can’t predict." Howard Marks wanted the subtitle to be the book title since it is more accurate. 
"There are two things I would never say when referring to the market: 'get out' and 'it’s time.' I’m not that smart, and I’m never that sure. The media like to hear people say 'get in' or 'get out,' but most of the time the correct action is somewhere in between." Howard Marks
"Investing is not black or white, in or out, risky or safe. The key word is “calibrate.” The amount you have invested, your allocation of capital.. and the riskiness of the things you own all should be calibrated along a continuum that runs from aggressive to defensive." H. Marks
"What Getting the Odds on Your Side means is that we don’t know what’s going to happen – nobody can tell you – but there are times when the outlook for the future is better and there are times when it’s worse, and it’s largely determined by where we stand in the cycle." H. Marks
