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
##太阳底下无新鲜事。谨慎判断，预估风险。
评分##不如前一本，推荐橡树资本的Memo
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##不如前一本，推荐橡树资本的Memo
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##豆瓣上的人完全不理解这本书的价值。男神主要在告诉大家如何避免追高杀跌的散户心理，以及货币周期和心理是一切周期的罪魁祸首。超越市场的核心不是买好资产，而是好价格，信贷市场完全关闭时，所有人都极度悲观只看到风险时，往往是最好的买入时机。
评分##"The most important things" is much better than this. Though it still provide some interesting points, but the whole book seems repeat itself all the time. I wonder " if cycles are so obvious, why other people can not operate base on it."
评分##短评回头再补。书确实有点太长和啰嗦，但是就论述2008年金融危机的经过、周期中人性的作用、周期顶/底点的特征这些内容，足够给本书打五星
评分##"The most important things" is much better than this. Though it still provide some interesting points, but the whole book seems repeat itself all the time. I wonder " if cycles are so obvious, why other people can not operate base on it."
