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It’s a well known fact that markets are cyclical and similarly there’s cyclicality in credit markets as well and I believe there’s some correlation in the two. Recently read a very good description of credit cycle in “The most important thing illuminated” by Howard Marks and tried applying the same to the Indian markets. Before discussing further, let’s first look at the credit cycle itself: Good times: During good times the economy moves into a period of prosperity. Providers of…