A NEW YORK TIMES, WALL STREET JOURNAL , AND USA TODAY BESTSELLER Named one of the Best Business Books of 2018 by Business Insider The legendary investor Howard Marks shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a market cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights―drawn in part from his iconic memos over the years to Oaktree’s clients―you can master these recurring patterns to have the opportunity to improve your results. In Mastering the Market Cycle , Marks reveals his framework for superior investing, offering a practical guide to: Investor Psychology: Learn to identify the emotional pendulum swings between euphoria and fear that drive market extremes, and how to use them to your advantage. - Cycle Positioning: Calibrate your portfolio by learning when to be aggressive and when to be defensive, based on a keen awareness of where we stand in the current economic cycle. - The Credit Cycle: Understand why the credit cycle is the most powerful and volatile force, and what the “credit window” tells you about market health and risk management. - Getting the Odds on Your Side: Move beyond simple forecasting to a more sophisticated understanding of tendencies and probabilities, giving you an edge while others are blindsided. “Howard Marks, among the world’s most successful investment managers as well as an intellectual leader of the profession [has written a new book].   Mastering the Market Cycle is…wise…A careful reading can make us better investors and protect us from the all too frequent errors that ruin investment results.” —Burton G. Malkiel, Wall Street Journal “Howard Marks’s Mastering the Market Cycle is a must-read, because the cycles covered in this book are important and because Howard is one of the investing greats of his generation.” — Ray Dalio, Co-Chief Investment Officer and Co-Chairman, Bridgewater Associates   “I always say, ‘There’s no better teacher than history in determining the future.’ Howard’s book tells us how to learn from history . . . and thus get a better idea of what the future holds.” — Charlie Munger, Vice Chairman, Berkshire Hathaway   “While most investment professionals take the standard out – that ‘you can’t time the market’ – in Mastering the Market Cycle Howard Marks, a living investment legend, takes the contrarian point of view that not only can you time markets, but it’s imperative that you do so.” — Bill Gurley, General Partner, Benchmark   “ Mastering the Market Cycle reveals how cycles not only coincide with, but also cause, financial market risk and opportunity. Written in plain English, Howard Marks’s hard-earned wisdom will help readers tilt the odds in their favor.” — Jeffrey Gundlach, Founder, DoubleLine Capital   ”If you’re uncertain as to whether there will be a correction in the market – or if you think there’s no reason to worry because ‘it’s different this time’ – you have to read this book before you make a move.” — Carl C. Icahn, Chairman, Icahn Enterprises                      Praise for Howard Marks’s THE MOST IMPORTANT THING   “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, Chairman and CEO, Berkshire Hathaway HOWARD MARKS is cochairman and cofounder of Oaktree Capital Management, a leading investment firm responsible for over $120 billion in assets. His previous book on investing, The Most Important Thing: Uncommon Sense for the Thoughtful Investor , was a critically acclaimed bestseller. He lives in New York City.