Listening to Mastering The Market Cycle by Haward Marks
I have a Premium Plus subscription (£7.99 per month) to Audible, which gives me 1 Credit to buy a title (audio) and access to hundreds of other titles (Audible calls it Plus Catalogue).
I built up the habit of listening to podcasts (primarily investing and current affairs) while walking on riding my bicycle. However, I am also listening to audiobooks when possible since last year. So far, I have purchased 11 audiobooks and other titles from Plus Catalogue.
From now on, I will try to post a few lines every month regarding the audiobook I bought that month.
How is Howard Marks?
Howard Marks is the CEO and co-founder of Oaktree Capital Management. His company mainly focuses on distressed debt and equity. In his words, he helps good companies with a poor balance sheet. According to Wikipedia, during the financial crisis of 2007–08, Oaktree raised $10.9 billion, the largest distressed debt fund in history, to buy distressed assets, which “paid off richly for his investors”!
When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something, and that goes double for his book.Warren Buffett
If Warren Buffett learns from him, who am I to ignore Howard Marks!
About the book – Mastering The Market Cycle
Honestly, I don’t know much about the market or investing. However, in my opinion, we all can see the market is shifting from investing in technology stocks to industrial ones, like mining, oil and gas, etc. I don’t think there will be a tech bubble crash like in the 1990s. We might be witnessing a market cycle shifting after inflation and recession hit the market due to COVID and central banks’ interest rate hikes.
This is an excellent time to learn how the market reacts during the change in the investing attitudes. I want to learn a bit about protecting my investment and investing in better opportunities during this market turmoil.
So, after reviewing my Audible Wishlist, I purchased the title during the weekend and started listening while I was tidying up my garden 🙂
From the title summary
Understand and take advantage of the fluctuations of markets and come out ahead by learning when and where to invest your money. Economies, companies and markets operate in accordance with patterns which are influenced by naturally occurring events combined with human psychology and behaviour. The wisest investors learn to appreciate these rhythms and identify the best opportunities to take actions which will transform their finances for the better.
This insightful, practical guide to understanding and responding to cycles – by a world-leading investor – is your key to unlocking a better and more privileged appreciation of how to make the markets work for you and make your money multiply.
Other titles so far
Here is a list of all the titles, I purchased so far. This list does not include the Plus Catalogue titles.
- Mastering the Market Cycle by Howard Marks
- Atomic Habits by James Clear
- Principles by Ray Dalio
- One Up On Wall Street by Peter Lynch
- The Education of a Value Investor by Guy Spier
- The Little Book of Common Sense Investing by John C. Bogle (incomplete, too hard for me right now)
- The Dhandho Investor by Mohnish Pabrai
- The Snowball by Alice Schroeder
- The Psychology of Money by Morgan Housel
- Rich Dad Poor Dad by Robert Kiyosaki
- Richer, Wiser, Happier by William Green