The Education of a Value Investor
Think smarter, not harder with Howard Marks
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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Quick takeaways
- Second-level thinking encourages investors to deeply analyze data implications, as demonstrated by Howard Marks during the 2008 financial crisis.
- Maintaining emotional stability is essential for investors to make rational decisions, focusing on long-term results rather than short-term setbacks.
Deep dives
The Power of Second Level Thinking
Second level thinking is a crucial concept in investment strategies, as it encourages investors to look beyond the surface of information. This approach pushes individuals to analyze the implications of data, considering how others may interpret or act on the same information. Howard Marks, a prominent investor, emphasizes the importance of reflection after reading, advocating for a mindset that goes deeper than a straightforward understanding. This method was highlighted through Marks's own experiences during the 2008 financial crisis, where thoughtful analysis played a significant role in navigating tumultuous market conditions.
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