RWH002: Investing Wisely in an Uncertain World w/ Howard Marks

IN THIS EPISODE, YOU'LL LEARN:

• 04:31 - How Marks was shaped by his first experience of a stock market bubble and crash.
• 12:04 - How conversations with his son have led him to modify his investment principles.
• 18:20 - Why he came to believe that buying cheap assets is the key to successful investing.
• 26:01 - What is his view of the current investment environment?
• 36:37 - Why Marks regards emotion as the “greatest enemy” of superior investing.
• 48:40 - How to invest successfully in a period of high inflation.
• 54:48 - Why Marks now believes that his “knee-jerk skepticism” about Bitcoin was wrong.
• 58:43 - Why Marks is bullish on China at a time when most foreign investors are running scared.
• 01:04:03 - Why moral values like integrity, candor, and fairness are essential to a good life.
• 01:14:00 - How to succeed by playing to your own strengths and living life on your own terms.

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

BOOKS AND RESOURCES:

• Howard Marks’ Memos.
• Howard Marks’ “Something of Value” Memo.
• Howard Marks’ book, The Most Important Thing Illuminated.
• Howard Marks’ book, Mastering the Market Cycle.
• Preston and Stig discuss The Most Important Thing book on We Study Billionaires Episode 073.
• Trey interviews Howard Marks on We Study Billionaires Episode 073.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green interviews Ray Dalio on We Study Billionaires Episode 410.
• William Green’s Twitter.
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