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.
##挺囉嗦的,有趣的點在最後幾章。
評分##引用兩句名言(也是本書反復引用的)就可以總結這本書的主旨。1. “曆史不會重演,但會驚人的相似。”——馬剋吐溫 2. “彆人越是不謹慎的時候,我們越要謹慎行事。”——沃倫巴菲特
評分##短評迴頭再補。書確實有點太長和囉嗦,但是就論述2008年金融危機的經過、周期中人性的作用、周期頂/底點的特徵這些內容,足夠給本書打五星
評分##Thank u (for repeating that u have 45 yrs of experience in investing again and again), next
評分##不如前一本,推薦橡樹資本的Memo
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##"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##挺囉嗦的,有趣的點在最後幾章。
評分##太陽底下無新鮮事。謹慎判斷,預估風險。
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