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##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##Thank u (for repeating that u have 45 yrs of experience in investing again and again), next
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##"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##Thank u (for repeating that u have 45 yrs of experience in investing again and again), next
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##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。
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