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4min chapter
TIP559: Mastering the Market Cycle by Howard Marks
We Study Billionaires - The Investor’s Podcast Network
The Nature of Cycles
Howard Marks believes that cycles generally are largely symmetrical based on his own experience. He also clarifies that the symmetry only applies dependably to the direction of the market and not necessarily applying to the extent, timing, or pace of the movement. Negative price fluctuations are referred to as volatility, while positive price fluctuations are called profit. Collapsing markets are known as selling panics and surging markets received more benign descriptions.
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