
The Value Perspective
The Value Perspective with David Marcus – part 2
Mar 10, 2025
In this engaging conversation, David Marcus, a seasoned value investor with a rich background in stock-picking and family office management, shares insights from his remarkable career. He discusses the evolution of deep value investing in Europe and navigates the challenges of managing permanent capital. Marcus reflects on key partnerships, including a pivotal $100 million investment and the impact of mentorship on his journey. He contrasts active versus passive investment strategies while emphasizing the potential hidden in Europe’s complex market landscape.
57:17
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Quick takeaways
- Investors must recognize and mitigate cognitive biases like overconfidence, which can obscure rational decision-making in uncertain market environments.
- Transitioning from stock-picker to an operator within a family office necessitates a profound understanding of governance and long-term capital allocation.
Deep dives
Navigating Uncertainty in Decision Making
The podcast emphasizes the challenges that investors face when making decisions in uncertain environments. It explores the necessity of understanding probabilities and using tools to mitigate psychological biases that can cloud judgment. For instance, the importance of being aware of cognitive biases such as overconfidence or anchoring is highlighted, as these can lead investors to make poor investment choices. The guests share insights on how they have developed frameworks that allow for better decision-making, even in high-pressure situations.
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