Cockroaches in the Coal Mine

In 'Mastering the Market Cycle: Getting the Odds on Your Side,' Howard Marks provides a comprehensive overview of market cycles, emphasizing the importance of understanding the patterns of ups and downs influenced by economics, markets, companies, and human psychology. Marks draws on his decades of experience to explain how investors can position their portfolios to take advantage of market cycles by studying past cycles, understanding their origins, and remaining alert for the next cycle. The book highlights that market cycles are driven by cause-and-effect relationships and that investors should prepare rather than predict market outcomes. It also delves into the psychological markers and emotional factors that influence investor behavior during different phases of the cycle.

In 'The Price of Time', Edward Chancellor delves into the history of interest from ancient Mesopotamia to the present day, highlighting its crucial role in determining how capital is allocated and priced. The book discusses the concept of interest as the 'price of time', its various forms and justifications throughout history, and its impact on economic activities. Chancellor argues that low interest rates, particularly those following the 2008 financial crisis, have led to economic instability, asset price bubbles, reduced productivity growth, and increased inequality. The book is praised for its engaging narrative, rich in anecdotes and historical insights, making it accessible and informative for both economic historians and general readers.

In 'The Great Crash, 1929', John Kenneth Galbraith provides a detailed historical account of the events leading up to the stock market crash of 1929 and its aftermath, the Great Depression. The book explores the speculative excesses, economic imbalances, and policy mistakes that contributed to the crisis. Galbraith emphasizes the importance of understanding these historical events to prevent similar economic disasters in the future.