![](https://pbs.twimg.com/media/E5-dYueWUAQYomR.jpg)
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
![](https://pbs.twimg.com/media/EtBoGPEXUAEji6q.jpg)
2⃣ Ensemble Capital : @IntrinsicInv @ToddWenning
https://t.co/6Cozku3Vmn
![](https://pbs.twimg.com/media/EtBpOcmW4AA6mS-.jpg)
3⃣ Fundsmith : Terry Smith
https://t.co/WqBHvN4RiU
![](https://pbs.twimg.com/media/EtBpikEWMAEttuk.jpg)
4⃣ Silver Ring Value Partners : Gary Mishuris
https://t.co/hjDC2VBIum
![](https://pbs.twimg.com/media/EtBpulqXYAADQ4E.jpg)
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BREAKING: @CommonsCMS @DamianCollins just released previously sealed #Six4Three @Facebook documents:
Some random interesting tidbits:
1) Zuck approves shutting down platform API access for Twitter's when Vine is released #competition
2) Facebook engineered ways to access user's call history w/o alerting users:
Team considered access to call history considered 'high PR risk' but 'growth team will charge ahead'. @Facebook created upgrade path to access data w/o subjecting users to Android permissions dialogue.
3) The above also confirms @kashhill and other's suspicion that call history was used to improve PYMK (People You May Know) suggestions and newsfeed rankings.
4) Docs also shed more light into @dseetharaman's story on @Facebook monitoring users' @Onavo VPN activity to determine what competitors to mimic or acquire in 2013.
https://t.co/PwiRIL3v9x
Some random interesting tidbits:
1) Zuck approves shutting down platform API access for Twitter's when Vine is released #competition
![](https://pbs.twimg.com/media/DtqhSTdU4AAJRnB.jpg)
2) Facebook engineered ways to access user's call history w/o alerting users:
Team considered access to call history considered 'high PR risk' but 'growth team will charge ahead'. @Facebook created upgrade path to access data w/o subjecting users to Android permissions dialogue.
![](https://pbs.twimg.com/media/Dtqkp_ZV4AA2o2b.jpg)
3) The above also confirms @kashhill and other's suspicion that call history was used to improve PYMK (People You May Know) suggestions and newsfeed rankings.
4) Docs also shed more light into @dseetharaman's story on @Facebook monitoring users' @Onavo VPN activity to determine what competitors to mimic or acquire in 2013.
https://t.co/PwiRIL3v9x
![](https://pbs.twimg.com/media/Dtqnj5fUUAIyVPc.jpg)