Marks discusses the various cycles that occur in the business world from economics and profit to credit and real estate. Marks' thesis is how the understanding of these cycles and their relationships effect investment returns. It is essential to know where the cycles stand at any point in time for long-term success in portfolio management.
“After 28 years at this post, and 22 years before this in money management, I can sum up whatever wisdom I have accumulated this way: The trick is not to be the hottest stock-picker, the winningest forecaster, or the developer of the neatest model; such victories are transient. The trick is
