Mastering the Market Cycle: Getting the Odds on Your Side Hardcover – Illustrated, 2 Oct. 2018

Like most financial books, this one requires quite a bit of patience to finish. But I would recommend this little book to anyone starting their investing journey. Understanding market cycles is crucial for staying calm and confident when the market takes a downturn. If you want to deepen your knowledge in this area and strengthen your mindset for when those moments come, this is a must-read.

‘Mastering the Market Cycles’ is an absorbing, authoritative investment book from a highly respected investor. The author’s polished, precise English and long experience combine to leave you in no doubt about the message; cycles matter and woe unto you if you don’t take them seriously.The only downside is that it does all get a bit repetitive after a bit. Of course, repeating key points can help you remember them but there is a limit and, in my opinion, Mr Marks crosses it. It could have been two thirds as long and twice as good.That said, the book is bound to make you re-evaluate your investment portfolio and ask yourself whether you’re thinking for yourself or following the herd. We all love to imagine ourselves to be independent-minded and maybe a little bit contrarian but truth is, with a few rare exceptions, almost everyone is guilty of joining in with all the other bulls and bears.Maybe this book will make us all reflect before joining the stampede. Certainly, nobody could accuse Mr Marks of not doing his level best to make us think.

Marks’ new book is thoroughly compelling. Along with his previous book and memos, this book lays the timeless fundamentals for investment success. The debate around market timing and cycles is an important and timely one and his choice to dive deep into this subject in his second book is more than welcomed.One of the most important things needed to achieve investment success is to clearly define your investment philosophy and diligently act upon that philosophy. Writings by Marks and a select few other investment masterminds serve not only for learning but more importantly as a practical grounding tool to help you stay the course. His books and memos should be reread periodically especially at the later stages of a cycle. His coherent writing and logic provide a sounding board while you are in the markets.His encouragement to set aside emotions, diligently ‘take the temperature’ of the market, and act upon it, is what can set you apart as a successful investor.Despite being one of the most accomplished investors of our age, Marks has risen above the ranks by following seemingly simple rules, detailed in this book with his usual proficiency, unique insight and, eminently, in plain English.Coming in late 2018, Mastering the Market Cycle addresses some of the most topical questions for investors, providing not just insightful thoughts that relate to our current times, but a conclusive framework that could have been valid at any point in history, empowering readers with the tools they need to find the right balance between risk and opportunity and between prudence and aggressiveness. This book is simply a must-read for all investment professionals, short-time traders or long-term savers alike. And one of the few books to be always held at hand for all of us who are inevitably presented with great abundance of investment decisions throughout our lives.I’m already looking forward to his next book.

It is slightly repetitive I admit. However it’s to drill down the importance of what he discusses. This book could save you a lot of money if used as advised

I bought this book with great expectations. Probably too high. I could not find any substantial help in my profession of investor. Probably the target public is more generic

Let me quote from the book"In my way of thinking about it, investment success is like the choosing of a lottery winner. Both are determined by one ticket (the outcome) being pulled from a bowlful (the full range of possible outcomes). In each case, one outcome is chosen from among the many possibilities.Superior investors are people who have a better sense for what tickets are in the bowl, and thus for whether it’s worth participating in the lottery. In other words, while superior investors — like everyone else — don’t know exactly what the future holds, they do have an above-average understanding of future tendencies."Do you know whether the "investment hat" is biased more towards winners than losers at the moment?If you don't, then you need to read this book.It goes through various cycles and explains how each stage drives the next. This means it does feel a bit repetitive and long-winded.Nevertheless, the book is an excellent reminder to buy low and sell high, and to avoid the common mistake of doing the opposite - buying high because others have made so much money and selling low when you've already lost a lot of money.Overall I feel the first half of the book that explains cycles is stronger than the second part, what to do about them.As far as I was concerned, there wasn't enough discussion about central banks and the way they have refused to let cycles take their natural course in recent years. Not only have they destroyed the bond market, creating an astonishing bubble based on near zero interest rates, but they have flooded the market with liquidity when the stock market has wobbled. How long can they possibly continue to do this? What are the consequences of their actions?Just as investors swing between greed and fear, what is the cycle for central bankers and what do we need to look for to identify potential turning points?(2024 update - the answer to my question turned out to be a rapid rise in inflation, which after some denial that it was transitory, has seen interest rates rise sharply, bursting the bond bubble.)Overall I'm giving this a kind 4 star rating, it's probably more 3.6 stars rounded up. It's given me a few things to think about, but it hasn't made me feel more confident in my ability to read the market.

If you want to learn and keep in mind! Excellent book!