The Memo by Howard Marks

Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel

195 snips
Aug 27, 2024
Morgan Housel, bestselling author of "The Psychology of Money" and partner at Collaborative Fund, teams up with Howard Marks to discuss the nuances of debt. They dive into how leverage influences long-term stability and the perils of excessive risk-taking. The duo connects historical financial crises to modern investing strategies, stressing the importance of emotional discipline and historical awareness. They highlight the significance of fundamentals in finance, advocating for a measured approach that prioritizes enduring success over fleeting profits.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
INSIGHT

Debt's Philosophical Impact

  • View debt philosophically, not just mathematically.
  • More debt narrows the range of volatile outcomes you can endure.
ANECDOTE

Rick Guerin's Margin Call

  • Warren Buffett, Charlie Munger, and Rick Guerin invested together, but Guerin used margin.
  • Guerin, equally smart, was "in a hurry," highlighting the long-term benefits of patience.
INSIGHT

Predictable Surprises

  • Investors often claim unforeseen events, but many recur regularly.
  • Prepare for inevitable market downturns, high unemployment, and inflation.
Get the Snipd Podcast app to discover more snips from this episode
Get the app