MI365: The Memos of Howard Marks w/ Shawn O'Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Navigating Market Risks and Opportunities
This chapter explores Howard Marks' insights from his 2004 memo, emphasizing the consequences of low interest rates on investor behavior and market conditions. It also examines the current real estate landscape shaped by high interest rates, presenting investment opportunities while advocating for cautious strategies.
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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