Phenomenal presentation by Howard Marks based on his book " Mastering the Market Cycle". Worth reading once an year.
cc: @dmuthuk @Gautam__Baid @saxena_puru @BrianFeroldi
My fav parts in the thread below.⬇️
calpers.ca.gov/docs/board-age…
cc: @dmuthuk @Gautam__Baid @saxena_puru @BrianFeroldi
My fav parts in the thread below.⬇️
calpers.ca.gov/docs/board-age…
Understanding the Market cycles and the factors that impact them (Capital availability, attitudes towards risk, optimism/pessimism taken to extremes) can be really helpful for long-term investors.
✔️On what causes Cycles and why trends go to excess
✔️The role of optimism and how it feeds on itself and is taken to extremes
✔️Beautiful explanation of how the attitude towards Risk changes thru the cycle
✔️How Capital availability chases and changes Asset prices
✔️My fav slides. How the market cycles unfold and crowd psychology changes
✔️Good pts on contrarianism and long-term focus.
✔️Summary and some of my fav pts.
Few ways awareness of Market cycles helps LT investors is in
1) not getting carried away by the current sentiment and to stay on the long-term course.
2) being on the lookout for excesses in the Market and changing posture between offense & defense (at least around the edges)
1) not getting carried away by the current sentiment and to stay on the long-term course.
2) being on the lookout for excesses in the Market and changing posture between offense & defense (at least around the edges)
3) identify when the stock prices are being taken too far away from the reasonable intrinsic values of the business (in both directions) and slowly take advantage of the opportunities being provided to buy/sell.
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