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.
##我果然和這個人八字不閤,他前麵的什麼最重要的事,我也非常的不認可。他有一個魔力,或者說寫作技巧,就是可以把清楚明確的事情變得模糊,神神叨叨,然後變成一鍋一場粘稠的糊,還散發著餿掉的味道,人纔!然後,他說他不預測,隻基於當前的觀察,沒問題,觀察什麼?觀察人們是樂觀還是悲觀,可是這是一個非常大的問題,一個是你觀察的樣本是否代錶整體情況,其次,市場往鍾擺的一邊可以走個無比極端,為什麼為瞭比平均水平高一點點的收益要承受這樣的負擔?
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##Audible初體驗,贊亞馬遜!聽書容易走神,不好follow. 比較適閤休閑,睡覺前聽一會兒。第一遍聽完,還需要再聽幾遍,因為有時候聽著聽著就睡著瞭。Cycle matters. 周期就是“勢”。順勢而為,銳不可當;逆勢而動,萬劫不復。
評分##"The most important things" is much better than this. Though it still provide some interesting points, but the whole book seems repeat itself all the time. I wonder " if cycles are so obvious, why other people can not operate base on it."
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
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##太陽底下無新鮮事。謹慎判斷,預估風險。
評分##我果然和這個人八字不閤,他前麵的什麼最重要的事,我也非常的不認可。他有一個魔力,或者說寫作技巧,就是可以把清楚明確的事情變得模糊,神神叨叨,然後變成一鍋一場粘稠的糊,還散發著餿掉的味道,人纔!然後,他說他不預測,隻基於當前的觀察,沒問題,觀察什麼?觀察人們是樂觀還是悲觀,可是這是一個非常大的問題,一個是你觀察的樣本是否代錶整體情況,其次,市場往鍾擺的一邊可以走個無比極端,為什麼為瞭比平均水平高一點點的收益要承受這樣的負擔?
評分##Audible初體驗,贊亞馬遜!聽書容易走神,不好follow. 比較適閤休閑,睡覺前聽一會兒。第一遍聽完,還需要再聽幾遍,因為有時候聽著聽著就睡著瞭。Cycle matters. 周期就是“勢”。順勢而為,銳不可當;逆勢而動,萬劫不復。
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