This excerpt from Howard Mark`s book “Mastering The Market Cycle” succinctly shows the power of credit cycle. He goes on to explain that it takes only a small fluctuation in the economy to produce a large fluctuation in the availability of credit, with great impact on asset prices and back on the economy itself. This timeless wisdom applies over and again creating the cycles he ascribes to in the book. This book is a complete collection of the legendary investor Howard Marks ‘s wisdoms. And this book is a definitive read for an investor to understand the economic cycles, risks and investor behavioral coherence and how to be well prepared for the cycles. The best line I took away from the book is “You Cant predict. You can Prepare” and that shows how cycles cannot be predicted from timing standpoint but one can always be prepared ahead.