TIP497: Lessons from Billionaire Howard Marks

IN THIS EPISODE YOU’LL LEARN:

• 00:01:50 - The biggest investing lessons from Howard’s book, The Most Important Thing.
• 00:03:07 - How to apply second-level thinking to our investing strategy.
• 00:03:44 - How psychology plays such an important role in markets.
• 00:07:37 - How Howard thinks about the efficiency of markets.
• 00:20:32 - The role market cycles play in Howard’s investment strategy.
• 00:23:23 - Howard’s six reasons for why investors make mistakes.
• 00:31:27- Why you should only invest in bargains.
• 00:35:10 - How to invest during a low-interest rate environment.
• 00:39:04 - Why we should put an intense focus on investing defensively.
• 00:44:59 - Why making macroeconomic forecasts is likely a fool's errand.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaire’s episode covering the Worldly Wisdom of Charlie Munger.
• Learn about the best investor you’ve never heard of, Nick Sleep.
• Howard Marks’ books: The Most Important Thing & Mastering the Market Cycle.
• Howard’s article: The Illusion of Knowledge.
• Check out William Green’s conversation with Howard Marks here.
• Check out Trey Lockerbie’s conversation with Howard Marks here.
• Follow Clay on Twitter and Instagram.

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