This is my summary of Mastering the Market Cycle by Howard Marks.

Howard Marks is one of my favorite writers on investing and I enjoy reading his memos throughout the year. Mastering the Market Cycle has insights for learning to see the big picture in the economy and investing.

My Favorite Quotes from Mastering the Market Cycle

It is from the extremes of the cycle of fear and greed that arise the greatest investment profits.

The rational investor is diligent, skeptical, and appropriately risk-averse at all times. But also on the lookout for opportunities for potential return that more than compensates for risk.

The greatest source of investment risk is the belief that there is no risk.

Cycles will happen to you, what you do in response is key.

Being too far ahead of your time is indistinguishable from being wrong.

You need a strong stomach for being wrong because we are all going to be wrong more often than we expect. Being wrong is inevitable and normal.

Success is not good for most people. Success can change people, and usually not for the better.

In investing there is a complex relationship between humility and confidence.

Ignoring cycles and extrapolating trends is one of the most dangerous things an investor can do.

My book summary of Mastering the Market Cycle is also available as a blog post: https://jsilva.blog/2020/08/03/mastering-market-cycle-summary/