I was disappointed by this book. I have been a HUGE fan of Howard Marks' Oaktree memos. They are well-thought out, well-edited, and have useful information. Unfortunately, this book makes broad, repetitive generalizations with no data to prove its points. Yes, he says in 12 different ways that it's better to buy during the depths of a recession and sell during bubbles/manias, but zero actionable information is revealed in this book. No rules of thumb. No metrics. No resources. It ends by saying that most of the time, we are in between bubbles and deep recessions, and it's super hard to make money during these middle periods even though it can be more than a decade between these market extremes. Gee, thanks.