具体描述
One of the most successful Wall Street investors of all time provides practical insight and keen analysis on how to track, and react to, the ups and downs of the stock market. Marks reveals the hidden logic in carefully pinpointing market trends so that every investor can profit.
”When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something.” –Warren Buffett
Economies, companies, and markets operate according to patterns or cycles. These cycles arise from naturally occurring phenomena in everyday business, and to a large extent, from the simple ups and downs of human psychology and behavior. When should you pull out of the market? When should you stay in?
These fundamental psychological influences–including greed and fear–can and do profoundly affect investors. If you carefully study past cycles, understand their origins and import, and remain alert for the next up or down cycle, you won't have to reinvent the wheel in order to understand every investment environment. And you're less likely to be blind-sided by unexpected events.
By following Marks’s insights–which are drawn from his memorable memos to clients–you can master these recurring patterns for your own financial gain and psychological benefit.
用户评价
##都是口水话，相比于上一本大失水准
评分##引用两句名言（也是本书反复引用的）就可以总结这本书的主旨。1. “历史不会重演，但会惊人的相似。”——马克吐温 2. “别人越是不谨慎的时候，我们越要谨慎行事。”——沃伦巴菲特
评分##太阳底下无新鲜事。谨慎判断，预估风险。
评分##看完了，从大环境的影响、投资者心理因素等等讲述投资理财之道，挺赞的，不知道现在有没有中文版。
评分##挺啰嗦的，有趣的点在最后几章。
评分##我果然和这个人八字不合，他前面的什么最重要的事，我也非常的不认可。他有一个魔力，或者说写作技巧，就是可以把清楚明确的事情变得模糊，神神叨叨，然后变成一锅一场粘稠的糊，还散发着馊掉的味道，人才！然后，他说他不预测，只基于当前的观察，没问题，观察什么？观察人们是乐观还是悲观，可是这是一个非常大的问题，一个是你观察的样本是否代表整体情况，其次，市场往钟摆的一边可以走个无比极端，为什么为了比平均水平高一点点的收益要承受这样的负担？
评分##凡人凡书，我却非常喜欢。cycles are not well defined/understood, just like risk, and it’s (a key) part of risk actually。不做superpredictor ,只是一个了解当下的人(where are we)，是一个凡人能够卓越的道路。
评分##凡人凡书，我却非常喜欢。cycles are not well defined/understood, just like risk, and it’s (a key) part of risk actually。不做superpredictor ,只是一个了解当下的人(where are we)，是一个凡人能够卓越的道路。
评分其实还是直接看他的 memo 比较好，感觉他写书的能力不如写信
