Howard Marks’ latest memo came out yesterday. It was insightful and objective.

The usual stuff.

In the memo, he mentioned that he was writing a book about cycles. I am eagerly waiting for that book to come out.

There was another Howard Marks’ memo that I re-read from time to time, which was also about cycles. It is titled “You Can’t Predict. You Can Prepare.” It was written in Nov 2001, when the US experienced its first recession since 1991.

In this post I will liberally take excerpts from the 2001 memo.

It’s mostly a reminder for myself the inevitability of cycles amidst the current environment. Continue reading →