
Excellent article on Investor psychology & Market cycles based on Howard Marks' "Mastering the Market Cycle".
cc: @dmuthuk @Gautam__Baid
✔️Mania and risk
"The combination of feedback loops and irrational exuberance, where newfound expectations and enthusiasm, encourages investors to bid up and rationalize extraordinary growth in asset prices.
An understanding of where attitudes to risk sits within the current investor psychology cycle can be a useful knowledge advantage.
Marks believes that the biggest source of investment risk is when investors believe that there are no risks at all.
It is helpful to consider the extent to which optimism or pessimism is incorporated into current asset prices. Skepticism is needed when mass optimism or pessimism is in excess. Contrarianism at the right moments is an important ingredient for successful investing
More from Ram Bhupatiraju
🔟Investing Philosophies I greatly admire. Learning from the best Investing Teams out there (that match your Philosophy/Strategy) and improving your own process is one of the best investing hacks. What are some others that you admire?
🔟of my principles at the end.
⬇️⬇️
1⃣ Buffett : Gotta start with the🐐
https://t.co/RKO4BAMbpT
2⃣ Ensemble Capital : @IntrinsicInv @ToddWenning
https://t.co/6Cozku3Vmn
3⃣ Fundsmith : Terry Smith
https://t.co/WqBHvN4RiU
4⃣ Silver Ring Value Partners : Gary Mishuris
https://t.co/hjDC2VBIum
🔟of my principles at the end.
⬇️⬇️
1⃣ Buffett : Gotta start with the🐐
https://t.co/RKO4BAMbpT

2⃣ Ensemble Capital : @IntrinsicInv @ToddWenning
https://t.co/6Cozku3Vmn

3⃣ Fundsmith : Terry Smith
https://t.co/WqBHvN4RiU

4⃣ Silver Ring Value Partners : Gary Mishuris
https://t.co/hjDC2VBIum

The (investing) world is full of noise📢. Tune that out and find your signal.🗼
Investing websites/blogs that I shared during the @FintwitSummit last weekend. With some minor changes and lot of additional commentary in the thread below. ⬇️⬇️
My investing diet 🗒️
✔️Zero Financial TV.
✔️Very little Market & Stock prices commentary/content.
✔️Lot of Company produced presentations/statements.
✔️ Lot of Investing Podcasts (thread some other time).
✔️Lot of below awesome content whenever I find time.
Tech : Have to start with my favorite sector
✅ @stratechery
For deeper understanding of Platforms and Aggregators.
https://t.co/VsNwRStY9C
✅ @benedictevans
Phenomenal essays related to
✅ @adam_hartung
Extremely good if you are into following & investing in strong/durable trends.
https://t.co/IOE1pmkqbi
✅ @BaillieGifford
Mind blowing, if you're into extremely patient and visionary style of
✅ @StackInvesting
Must read if you love the combination of Software + Investing
https://t.co/WQ1yBYzT2m
✅ @hhhypergrowth
Phenomenal writing if you love technical deep dives into SaaS
https://t.co/kcLKITRLz1
✅ @Beth_Kindig
Sharp Tech focused
Investing websites/blogs that I shared during the @FintwitSummit last weekend. With some minor changes and lot of additional commentary in the thread below. ⬇️⬇️

My investing diet 🗒️
✔️Zero Financial TV.
✔️Very little Market & Stock prices commentary/content.
✔️Lot of Company produced presentations/statements.
✔️ Lot of Investing Podcasts (thread some other time).
✔️Lot of below awesome content whenever I find time.
Tech : Have to start with my favorite sector
✅ @stratechery
For deeper understanding of Platforms and Aggregators.
https://t.co/VsNwRStY9C
✅ @benedictevans
Phenomenal essays related to
✅ @adam_hartung
Extremely good if you are into following & investing in strong/durable trends.
https://t.co/IOE1pmkqbi
✅ @BaillieGifford
Mind blowing, if you're into extremely patient and visionary style of
✅ @StackInvesting
Must read if you love the combination of Software + Investing
https://t.co/WQ1yBYzT2m
✅ @hhhypergrowth
Phenomenal writing if you love technical deep dives into SaaS
https://t.co/kcLKITRLz1
✅ @Beth_Kindig
Sharp Tech focused
More from Investing
🔟Investing Philosophies I greatly admire. Learning from the best Investing Teams out there (that match your Philosophy/Strategy) and improving your own process is one of the best investing hacks. What are some others that you admire?
🔟of my principles at the end.
⬇️⬇️
1⃣ Buffett : Gotta start with the🐐
https://t.co/RKO4BAMbpT
2⃣ Ensemble Capital : @IntrinsicInv @ToddWenning
https://t.co/6Cozku3Vmn
3⃣ Fundsmith : Terry Smith
https://t.co/WqBHvN4RiU
4⃣ Silver Ring Value Partners : Gary Mishuris
https://t.co/hjDC2VBIum
🔟of my principles at the end.
⬇️⬇️
1⃣ Buffett : Gotta start with the🐐
https://t.co/RKO4BAMbpT

2⃣ Ensemble Capital : @IntrinsicInv @ToddWenning
https://t.co/6Cozku3Vmn

3⃣ Fundsmith : Terry Smith
https://t.co/WqBHvN4RiU

4⃣ Silver Ring Value Partners : Gary Mishuris
https://t.co/hjDC2VBIum

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Stan Lee’s fictional superheroes lived in the real New York. Here’s where they lived, and why. https://t.co/oV1IGGN8R6
Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i
The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i
The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.

Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i

The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i

The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.