Mastering The Market Cycle: Getting the Odds on Your Side
2018
Framework
by
Howard Marks
Framework billionaire debt investor and Oaktree Capital founder Howard Marks uses to understand and navigate the financial markets and the cycles in them. This book outlines how human psychology and patterns influence those markets and economics.
Buy a CopyJermaine's Notes
July 2023
December 2024
Explanation of risk relative to position in cycles for different asset classes was great. Helpful insights on real estate cycles. I will read this book yearly. Read 2018 hardcover.
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Capital Wars
August 2023
This book defines global liquidity and explains why it's a central force in shaping economies and financial markets. It examines how central banks influence liquidity and how those shifts affect prices across various asset classes. It also explores the broader implications for debt-driven systems and highlights China’s growing influence in global capital flows.
I enjoyed listening to Howell’s thinking and reading his CrossBorder Capital Substack, which led me to buy this book. It’s a dense but worthwhile read that offers a valuable perspective on how central banks create and manage liquidity. The “Global Liquidity Cycle” he outlines is especially insightful and reminds me of concepts from Howard Marks’ book–Mastering the Market Cycle. Read the 2021 paperback edition.