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TIP559: Mastering the Market Cycle by Howard Marks
We Study Billionaires - The Investor’s Podcast Network
Market Characteristics and Investing Strategies by Howard Marks
Low asset prices, high potential returns, low risk, and excessive risk premiums characterize a market that is very fearful./nGenerous capital market shows investors showing fear of missing out, reduced risk aversion and skepticism, high asset prices, low prospective returns, and skimpy risk premiums./nWhen the credit window is wide open, it's best to be cautious as an investor and more defensive. When the credit window is closed and sealed shut, it's the best time to be aggressive and find bargain prices./nSuperior investing doesn't come from... (end of chapter)
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