IN THIS EPISODE, YOU’LL LEARN:01:10 - Why we have cycles.02:11 - What the credit cycle is.09:16 - How are cycles interrelated.11:53 - Where we are in the real estate cycle.17:55 - Where we are right now in the cycle.25:35 - How adjusting risk to your portfolio depends on the market cycle.31:02 - Why junk bonds might be a good investment depends on the credit cycle.36:10 - Which questions to ask an asset manager.39:32 - How to evaluate a track record.50:50 - Why assets managers like to talk about their mistakes.1:08:15 - How to think about risk and reward.*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESListen to David Stein’s podcast, Money For the Rest of Us.Visit David Stein’s Website.Visit David Stein’s YouTube channel.Listen to our interview with David Stein about Netflix.Listen to our interview with David Stein about Evergrande, Alibaba, and the Collapse.Our interview with Howard Marks about Mastering the Market Cycle.  NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSMake backing up and accessing your data astonishingly easy with Backblaze. Sign up for a free trial today.Private assets represent 98% of companies in North America but are absent in most portfolios. Reconstruct your portfolio with private markets with Mackenzie Investments.Throw out the old traditions and get progressive. Discover the complete package - smart design, lots to love under the hood with Genesis.Start your free 14-day trial today and leave your limits behind and discover what you can accomplish with Monday.com.Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Take the next step in your working life or get ready for a change, by being a Snooze franchise partner.Build a plan that helps you strengthen your financial security with RBC Wealth Management. RBC capital markets LLC, member NYSE, FINRA, SIPC.Enjoy meals tailored to every dietary preference delivered right to your door. Take advantage of Freshly’s End-of-Summer Sale and score a special deal: $125 off your first FIVE orders!Invest in your best rest today with Brooklinen. Get $20 off your order and free shipping on orders of $100+ with code INVESTORS.Start printing everything your small business needs and discover the endless printabilities with VistaPrint.Support your hardworking team in one intuitive platform - an all-in-one payroll, HR, team management tools and more with Gusto and enjoy your first three months free.Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.Help empower girls to break free through education, healthcare, child protection, and other wonderful benefits by being a World Vision child sponsor today.See the potential of your business. Find solutions that work for you, that tick bigger boxes and help you grow with Square.Launch your thing into the spotlight and start selling anywhere with Shopify.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Send, spend, and receive money around the world easily with Wise.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach