Mastering the Market Cycle by Howard Marks
The author describes the need to know both the intrinsic value of the asset you are purchasing, but also to use knowledge of the macroeconomic environment to structure your portfolio. This book goes into great detail on the macroeconomics of market cycles. There is little to no discussion on how to find the intrinsic value of an asset, the author simply states that there has been a lot written elsewhere on how to do that.
I agree with the premise that the intrinsic value of an asset can depend quite a bit on the macroeconomic environment. A good example of this is Warren Buffett and airline stocks. When U.S. airlines consolidated down to four major carriers, Buffett bought large shares of each of the major carriers. Then COVID-19 happened, and the intrinsic value of those assets changed drastically. Buffett sold all of his shares in the airlines at that point. The companies hadn’t changed but the macroeconomic environment certainly had.
If you aren’t familiar with how market cycles work this may be a good book to read.