TIMING WAS EXCELLENT> Thank you.

Unfortunately, would not recommend. Pretty simplistic and the material in the book has been covered in his memos. Recommend getting his first book and reading all of his memos instead.

I truly could not put this book down. I have been managing money for clients for 21+ years and the one individual who has had the biggest impact on my investment thinking, discernment and results is Howard. Like Howard's memos and his first book, The Most Important Thing, this book continues to help me look at investments/cycles on a distribution curve with a range of outcomes whereby as an investor you are looking for asymmetrical investment opportunities with counter-cyclical strategies--to quote, "When the market is low in its cycle, gains are more likely than usual, and losses are less likely." He reminds us that the "investor's goal is to position capital so as to benefit from future developments." To paraphrase Howard, "it isn't about buying any great company or the most admired company at any price, but it is truly about buying any company at the right price."Lastly, he also provides signposts with regard to inferring where we could be in the cycle--i.e. availability of credit or lack thereof; lower/higher lending standards; less/greater restrictive debt offerings; lack/abundance of enthusiasm/skepticism; widely held belief/disbelief by the masses in a specific investment.I hope you find his book and his teachings as valuable as I have.Thanks Howard for taking the time to write this~Luke

Repetition of material is pushed to the limit. Restating what is stated in a long past memo to investors and then restating the restatement multiple times through-out the book. Nothing new was revealed or explored - basically not helpful and a bit boring.

I was expecting a much more detailed explanation of market cycles and the techniques to exploit them. This book would be better titled "Why you should pay attention to market cycles". If you're looking for a technical book on tatical asset allocation through different market cycles, I highly recommend "Applied financial macroeconomics and investment strategy". Overall, if you are above novice level of investor I do not recommend this book. However, if you are novice level then this book can give you solid general philosophies and general strategies which is essential when beginning your investing journey.