Most of the great investors I’ve known over the years have had an exceptional sense for how cycles work in general and where we stand in the current one. That sense permits them to do a superior job of positioning portfolios for what lies ahead. Good cycle timing—combined with an effective investment approach and the involvement of exceptional people.
It’s for that reason—and because I find something particularly intriguing about the fluctuations of cycles—and because where we stand in the cycle is one of the things my clients ask about most—and finally because so little has been written about the essential nature of cycles—that I decided to follow The Most Important Thing with a book devoted entirely to an exploration of cycles. I hope you’ll find it of use.