

Think smarter, not harder with Howard Marks
9 snips Jan 23, 2025
Join Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, as they share invaluable insights into successful investing. They discuss the necessity of second-level thinking and the importance of mastering market cycles. Howard reflects on navigating major market events while Guy emphasizes emotional discipline and authenticity. Together, they champion the significance of independent decision-making, prioritizing values over profits, and the role of resilience in achieving lasting success in both investing and life.
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Artisans vs. Factories
- In the investment world, there's a spectrum from artisans focused on excellence to factories focused on growth.
- Prioritizing size and asset gathering can compromise investment performance.
Honest Writing
- Writing for marketing purposes can compromise honesty and truthfulness.
- Great writing involves taking risks and sometimes writing against one's own interests.
Origins of Values
- Values are likely shaped by early environment and experiences, not innate.
- Values can be instilled through various influences, including parents, readings, or impactful events.