One of the most successful Wall Street investors of all time provides practical insight and keen analysis on how to track, and react to, the ups and downs of the stock market. Marks reveals the hidden logic in carefully pinpointing market trends so that every investor can profit.
”When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something.” –Warren Buffett
Economies, companies, and markets operate according to patterns or cycles. These cycles arise from naturally occurring phenomena in everyday business, and to a large extent, from the simple ups and downs of human psychology and behavior. When should you pull out of the market? When should you stay in?
These fundamental psychological influences–including greed and fear–can and do profoundly affect investors. If you carefully study past cycles, understand their origins and import, and remain alert for the next up or down cycle, you won't have to reinvent the wheel in order to understand every investment environment. And you're less likely to be blind-sided by unexpected events.
By following Marks’s insights–which are drawn from his memorable memos to clients–you can master these recurring patterns for your own financial gain and psychological benefit.
##凡人凡書,我卻非常喜歡。cycles are not well defined/understood, just like risk, and it’s (a key) part of risk actually。不做superpredictor ,隻是一個瞭解當下的人(where are we),是一個凡人能夠卓越的道路。
評分##不如前一本,推薦橡樹資本的Memo
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##豆瓣上的人完全不理解這本書的價值。男神主要在告訴大傢如何避免追高殺跌的散戶心理,以及貨幣周期和心理是一切周期的罪魁禍首。超越市場的核心不是買好資産,而是好價格,信貸市場完全關閉時,所有人都極度悲觀隻看到風險時,往往是最好的買入時機。
評分##保持謙卑,因為所得皆是運氣;保持清高,降維纔有確定收益。
評分##一點都不覺得水,和the most important thing 一起讀的,適閤初入股市的新手,先把價值觀清洗下,不求牛市賺大錢但求不虧損,注意風險風險風險,謹慎謹慎再謹慎。
評分##坦白說很失望,這本書的信息密度太低瞭。Howard Marks對市場很有見解,Memo寫的也很好,前一本書也是我經常推薦給初學者的,但是他顯然沒有能力駕馭一本300頁並且隻有單一主題的書籍。這本書的內容不僅有很多重復,而且幾乎一半的內容都是在引用他之前寫的memo和他看的彆人的書,那我是買瞭一本你的讀書筆記嗎?三星給內容,但是這本書的精華完全可以在100頁,甚至50頁內寫完。完全可以齣本小冊子,而不要齣一整本書。太讓人失望瞭。建議感興趣的人花一天翻完。
評分##看完瞭,從大環境的影響、投資者心理因素等等講述投資理財之道,挺贊的,不知道現在有沒有中文版。
評分其實還是直接看他的 memo 比較好,感覺他寫書的能力不如寫信
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