In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down 30 years’ worth of memos from one of Wall Street’s most storied investors: Howard Marks.

You’ll learn how Marks’s thinking about beating the market evolved over the course of his career, what it was like going through the 2008 Financial Crisis as a professional investor, the 5 market calls that Marks is most proud of, avoiding the cardinal sin of investing, plus so much more!

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

01:38 - Why steady, slightly above-average returns drive the best long-term returns

05:28 - How to find a balance between finding fewer losers and more winners

07:36 - How to intelligently bear risk for profit

13:48 - Why nobody knows what will happen next in a crisis

14:40 - Why booms and busts are inevitable

22:44 - When Marks realized the dot com bubble was going to pop

24:08 - How low interest rates drive investors to take risks

27:33 - Why beliefs about the housing market were wrong

30:45 - How Marks’s firm responded to the Great Financial Crisis

36:02 - How Marks understood when to start buying stocks again after the 2008 crash

37:59 - When Marks knew bargains were being offered in March 2020

39:37 - How to avoid the cardinal sin of investing

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.


• 2023 Memo: Taking The Temperature.


• 2023 Memo: Fewer Winners Or Losers?
  


• 2012 Memo: Deja Vu All Over Again.


• 2008 Memo: The Limits To Negativism.


• 2008 Memo: Nobody Knows.


• 2007 Memo: It’s All Good.


• 2005 Memo: Three They Go Again.


• 2004 Memo: Risk And Return Today.


• 2000 Memo: Bubble.com.


• 1990 Memo: The Route To Performance.


• Benjamin Graham and David Dodd's book Security Analysis.


• Jesse Livermore's book How To Trade In Stocks.


• Edward Chancellor's book Devil Takes The Hindmost.


• Howard Marks' book Mastering The Market Cycle.


• Howard Marks' book The Most Important Thing.


• Check out the books mentioned in the podcast here.


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