Jump to ContentJump to Main Navigation
The Most Important Thing IlluminatedUncommon Sense for the Thoughtful Investor$
Users without a subscription are not able to see the full content.

Howard Marks

Print publication date: 2013

Print ISBN-13: 9780231162845

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231162845.001.0001

Show Summary Details
Page of

PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 20 May 2022

The Most Important Thing Is … Having a Sense for Where We Stand

The Most Important Thing Is … Having a Sense for Where We Stand

(p.151) 15 The Most Important Thing Is … Having a Sense for Where We Stand
The Most Important Thing Illuminated

Howard Marks

Columbia University Press

This chapter examines an important requirement for successful investing: having a sense for where the investor stands. Market cycles pose a daunting challenge to investors because their ups and downs are inevitable, they will profoundly influence investor performance, and their extent and timing are unpredictable. In this case, the investor should just try to figure out where they stand in terms of each cycle and what that implies for their actions. The essential ingredient here is inference; the investor must strive to understand the implications of what is going on around them. This chapter presents a simple exercise that might help investors gauge the temperature of future securities markets. Comments and insights from four renowned investors and investment educators are also presented at the end.

Keywords:   market cycles, investors, inference, securities markets, investment

Columbia Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us .