The legendary investor 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 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.

这位传奇的投资者展示了如何识别和掌握支配市场的周期。
我们都知道市场有涨有跌，但你什么时候应该退出，什么时候应该留在市场？答案决不是黑或白，而是最好通过对周期节奏背后原因的深刻理解来达成的。当你了解到影响经济、市场和公司，以及人类心理和由此产生的投资行为的起伏模式时，你就会对我们所处的周期充满信心。
如果你研究过去的周期，了解它们的起源，并对下一个周期保持警惕，你将敏锐地适应投资环境的变化。当其他人被突发事件蒙蔽双眼或成为恐惧和贪婪等情绪的牺牲品时，你会有所察觉并做好准备。
通过遵循马克的见解（部分来自他多年来对Oaktree客户的标志性备忘录），你可以掌握这些反复出现的模式，从而有机会改进你的结果。