What Can We Do About Cycles?

Even if we can't predict the timing and extent of cyclical flux ations, it's essential that we strive to ascertain where we stand encyclical terms. Even without knowing where we're going and when, we can deduce lots of valuable information about our investment environment. How are people around us behaving? If they're chastened by losses and afraid of the future, there's reason for us to be optimistic. If they're unworried and complaisant, that's something we should worry about.