Intro

This chapter delves into the investment philosophy of an experienced investor, underscoring the role of humility in the unpredictable financial markets. The discussion touches on past misconceptions about Bitcoin, strategies for thriving in high-inflation environments, an optimistic take on investing in China, and the importance of integrity and fairness in achieving success.

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Episode notes

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

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
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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