Profiting from market cycles

Being contrarian and going against the wisdom of the crowds pays off richly in the markets

Mastering the market cycle

Getting the odds on your side

Howard Marks

Hachette India

323 pages; Rs 699

There is cyclicality in life, as encapsulated in adages like “History does not repeat itself, but it does rhyme” (attributed to Mark Twain) and “What goes up must come down”. The central proposition of Howard Marks’ book is that stock markets, too, tend to be cyclical. Investors cognisant of this phenomenon can position their portfolios in a way that they are able to benefit from it. 

Mr Marks is the co-founder of Oaktree Capital Management. The memos he writes for his clients, in which he offers insights on