The Intrinsic Value Podcast - The Investor’s Podcast Network
MI365: The Memos of Howard Marks w/ Shawn O'Malley
Aug 19, 2024
Shawn O'Malley, an investment expert, delves into the wisdom of Howard Marks, a legendary Wall Street investor known for his insightful memos. The discussion covers Marks's evolution in investment philosophy over 30 years, with a focus on risk management and long-term returns. They dissect how the 2008 financial crisis shaped investing strategies and highlight critical market calls. O'Malley emphasizes the importance of emotional control, recognizing market cycles, and the dangers of complacency, providing valuable lessons for contemporary investors.
54:23
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Quick takeaways
- Howard Marks emphasizes the significance of humility and continuous learning to improve investment decision-making in an unpredictable market environment.
- Investing is portrayed as a 'negative art,' highlighting the importance of avoiding bad investments while selectively identifying potential winners for optimal returns.
Deep dives
Lessons from Howard Marks
Howard Marks emphasizes the importance of humility and self-awareness in investing. He credits his extensive reading of his own memos, dating back to 1990, for refining his understanding of the market. Marks argues that to truly excel as an investor, one must recognize the limits of their knowledge and acknowledge that successful investing often requires admitting what one doesn’t know. By reflecting on his past experiences and market cycles, he illustrates how ongoing learning can empower investors to make better decisions.
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