Good subject but the book is very repetitive and shallow in context. I will skim through the second half of the book in case something interesting comes up.

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.

TIMING WAS EXCELLENT> Thank you.

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

The book basically says what Buffett said be fearful when others are greedy and vice versa. And also what jp Morgan said the market will fluctuate.Not much new or interesting content overall. It’s basically a book telling you to time the market.Not a useful book. People have been saying the market is overvalued since 2010. And if you listened and tried to time the market you would have lost a lot of money.