Howard Marks writes: Bull market rhymes lead to a turn in the investing cycle

I’ve lived through (and been schooled by) several significant cycles during my years as an investor. And yet, when I was about two-thirds of the way through writing my last book, a question dawned on me that I hadn’t considered before: why do we have cycles? After pondering this question for a while, I landed on what I consider the explanation: excesses and corrections. If the stock market were a machine, it might be reasonable to expect it to perform…