Copied from 信報.

All of your major life decisions are easier and more productive if you know where we are in the economic and investment cycles.

Investmen analyst Peter Hofstra: The war is won in the down markets. In an up market almost everyone does well. When there is a big shift, it is made in a down market. That's when you see acquisitions being made: that's when you see the strong guys with the money hire talents being laid off from firims with a fragile business model. The strong can not only survive but also benefit from a down draft or bear market.