Recently, I've been reading Howard's "The Cycle," which comes highly recommended by Buffett—Warren himself loves reading his books.


❤️ Cycle Rule 1: The development of things in cycles is never a straight line, but a curve. Rises are for falls, and falls are for rises.
❤️ Cycle Rule 2: History is similar, not repetitive. The general trend can be judged, but the details will never be the same.
❤️ Cycle Rule 3: There is rarely a middle ground; extremes are more common. The market always reaches or moves toward extremes.
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