每个投资人都想弄清楚自己现在所处的周期位置。也就是说，人们渴望知道自己下一步应该追加投资，继续留在市场，还是应该果断卖出，离开市场。大家都知道市场周期起伏波动，然而，大部分投资人往往只想到市场周期的首层浅思维。这本书会带你进入市场周期的二层浅思维，教你看懂过去的周期规律，看清现在的周期位置，看透未来的周期趋势，获得少数赢家穿越金融危机、长期战胜市场的投资布局真经。
霍华德·马克斯是一位价值投资者。他将周期细分为经济周期、政府干预经济周期、企业盈利周期、投资人心理和情绪钟摆、风险态度周期、信贷周期、不良债权周期、房地产周期、市场周期，并对每种周期做了详细的阐述。其中，作者总结了自己50多年的投资经验，提出了一个鲜明的观点：人的决策对经济周期、企业周期、市场周期产生了巨大影响，而人做的决策，并不是科学的。他认为，人容易走极端的倾向，永远不会终止，因此，这些极端最终需要修正，而不是周期的发生会有改变。投资人需要警惕“这次不一样”的想法。这就意味着，投资人能够理解周期，就能够找到获得高回报率的良机。文章源自：力哥爱英语（ienglish521.com）力哥爱英语-https://ienglish521.com/2789.html
The legendary investor shows how to identify and master the cycles that govern the markets.文章源自：力哥爱英语（ienglish521.com）力哥爱英语-https://ienglish521.com/2789.html
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.文章源自：力哥爱英语（ienglish521.com）力哥爱英语-https://ienglish521.com/2789.html
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.文章源自：力哥爱英语（ienglish521.com）力哥爱英语-https://ienglish521.com/2789.html
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. 文章源自：力哥爱英语（ienglish521.com）力哥爱英语-https://ienglish521.com/2789.html
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