In the world around us, some events and phenomena are regularly repeated, affecting our lives and actions. Understanding cyclical patterns frees us from having to re-make decisions every time in similar circumstances.Financial markets also operate in accordance with typical scenarios, some of which are commonly called cycles. They are generated by external circumstances, but - and this is one of the central thoughts of this book - they are no less affected by the ups and downs of the emotional and psychological state of a person and the behavior associated with it.One of the greatest investors of his time Howard Marks teaches in quick and easy language how to recognize and evaluate cycles, how not to go to extremes, and how to use knowledge of market cycles to successfully invest in the stock market.

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