Mastering the Market Cycle, by Howard Marks will help you understand when is the optimal time to invest given a market's conditions.
Between 2010 - 2020 there has been an unprecedented growth in the world's stock market. But in March 2020 it dropped suddenly and significantly. The question is: when is the time to be defensive or aggressive, when buying shares in the market, start your new business or borrow money to buy property? When things are going well and everyone is optimistic, or when things are poor and everyone is pessimistic?
Warren Buffet said "the less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs" and "be fearful when everyone is greedy, and greedy when everyone is fearful."
In this episode we look at:
- The economics of the cycle
- Governments and central banks
- Credit and debt in the world economy
- Real Estate
- Investor Psychology
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