David Marcus, a seasoned US investor with a rich background working alongside legends like Michael Price, shares his insights into the financial world. He discusses the strategic maneuvers behind billion-dollar companies and the importance of serial acquisitions. Marcus emphasizes the need for a balanced corporate culture in high-performance settings and the significance of creativity in problem-solving. His own journey from trading desk assistant to a confident investor highlights pivotal lessons learned through personal and market challenges.
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question_answer ANECDOTE
Early Investing Influence
David Marcus's early interest in investing stemmed from his family's stock brokerage firm.
Visiting the NYSE at 14 solidified his passion, leading him to read extensively about finance and companies.
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Crisis Creates Opportunity
Marcus's first Wall Street job was with Michael Price during the 1987 stock market crash.
This experience taught him that crises create opportunities if one avoids panicking.
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Finding Value in Distressed Assets
Michael Price, trained by Max Heine, developed a skill for analyzing defaulted bonds with valuable assets.
This approach taught Marcus the importance of in-depth analysis and recognizing hidden value.
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This book is a classic in the realm of stock market literature, detailing the life and trading experiences of Jesse Livermore, a legendary trader, under the pseudonym 'Larry Livingston'. It explores Livermore's journey from his early days in 'bucket shops' to becoming a prominent figure on Wall Street. The book highlights the importance of understanding market psychology, the dangers of overtrading, and the need for discipline and independent analysis in trading. Despite being written nearly a century ago, its lessons on market dynamics and human nature remain relevant today[2][3][4].
The Warren Buffett Way
Investment Strategies of the World's Greatest Investor
Robert G Hagstrom
This book provides an in-depth examination of Warren Buffett's investment strategies, highlighting his approach to valuing businesses, his criteria for selecting investments, and the key principles that have contributed to his remarkable success. It emphasizes Buffett's focus on understanding the business rather than speculating on stock prices, and it outlines his business, management, and financial tenets for evaluating potential investments[2][4][5].
How to Make a Few Billion Dollars
Brad Jacobs
In *How to Make a Few Billion Dollars*, Brad Jacobs shares his mindset and strategies that have driven his remarkable success in corporate America. With over four decades of experience as a CEO and serial entrepreneur, Jacobs distills his business brilliance into a tactical road map. The book covers topics such as rearranging your mindset to achieve enormous goals, turning a healthy fear of failure to your advantage, achieving high-quality M&A without imploding, building an outrageously talented team, catalyzing electric meetings, and transforming a company into a superorganism that outcompetes others. Jacobs emphasizes the importance of humility, compassion, and accountability while pursuing the American Dream.
More money than God
Hedge Funds and the Making of a New Elite
Sebastian Mallaby
More Money Than God provides the first authoritative history of hedge funds. The book tells the inside story of hedge funds, from their rebel beginnings to their current status as powerful financial entities. It covers key figures and institutions, such as A.W. Jones, George Soros, Julian Robertson, and Long-Term Capital Management, and explains how hedge funds have shaped the financial landscape. Mallaby's work is based on extensive interviews and provides a balanced view of the industry's impact on finance and the global economy.
David Marcus is a US investor with decades of experience working for legends like Michael Price and Jan Stenbeck. We discuss Brad Jacob’s book How to Make a Few Billion Dollars and David’s fascinating journey as an investor and operator.
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Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
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