Mastering the Market Cycle- Howard Marks
Essence of the book- understanding the current position of market cycle will help us position our portfolio either in an aggressive manner or defensive way, by choosing appropriate asset class and generate great returns. Being aware of the market cycles would generally deliver great results only during extremes (either over optimism or over pessimism). Superior investors does not in any way know future outcomes better than an average investor. They are only better at identifying position of the pendulum swing (which they will not get 100% right all the time) and accordingly decide their course of action. More than anything else, they are prepared to be lucky by waiting patiently for adequate MoS before buying a stock. Cycles are definitely not series of events that follow each other in a pre defined manner. So, a long downward spiral may not quickly be followed by an equal and opposing upward swing. Markets may remain irrational for a longer time than one 's expectation (current state of Indian markets).
Having read The Most Important Thing and HM memos, I am bit disappointed with this book. Got a deja vu feeling while reading some parts. May be, his memos and earlier book have set the bar too high and expectations did not match with the outcome 
Like all the great works, may be multiple rereadings may bring out more wisdom.