MI365: The Memos of Howard Marks w/ Shawn O'Malley

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 19 August 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down 30 years’ worth of memos from one of Wall Street’s most storied investors: Howard Marks. You’ll learn how Marks’s thinking about beating the market evolved over the course of his career, what it was like going through the 2008 Financial Crisis as a professional investor, the 5 market calls that Marks is most proud of, avoiding the cardinal sin of investing, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:38 - Why steady, slightly above-average returns drive the best long-term returns 05:28 - How to find a balance between finding fewer losers and more winners 07:36 - How to intelligently bear risk for profit 13:48 - Why nobody knows what will happen next in a crisis 14:40 - Why booms and busts are inevitable 22:44 - When Marks realized the dot com bubble was going to pop 24:08 - How low interest rates drive investors to take risks 27:33 - Why beliefs about the housing market were wrong 30:45 - How Marks’s firm responded to the Great Financial Crisis 36:02 - How Marks understood when to start buying stocks again after the 2008 crash 37:59 - When Marks knew bargains were being offered in March 2020 39:37 - How to avoid the cardinal sin of investing And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. 2023 Memo: Taking The Temperature. 2023 Memo: Fewer Winners Or Losers? 2012 Memo: Deja Vu All Over Again. 2008 Memo: The Limits To Negativism. 2008 Memo: Nobody Knows. 2007 Memo: It’s All Good. 2005 Memo: Three They Go Again. 2004 Memo: Risk And Return Today. 2000 Memo: Bubble.com. 1990 Memo: The Route To Performance. Benjamin Graham and David Dodd's book Security Analysis. Jesse Livermore's book How To Trade In Stocks. Edward Chancellor's book Devil Takes The Hindmost. Howard Marks' book Mastering The Market Cycle. Howard Marks' book The Most Important Thing. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Shawn: Twitter | LinkedIn | Email Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Hey guys, welcome to the millennial investing podcast.
0:06.8	I'm your host, Sean O'Malley.
0:09.0	On today's episode, I'm going to be doing a deep dive into the legendary investor, Howard Marks.
0:13.9	Specifically, I'll be covering some of my favorite memos from Howard dating back to 1990.
0:18.8	Howard Marks is the co-founder of Oak Tree Capital, which has $172 billion
0:23.6	in assets under management. He's also the author of two wonderful books, The Most Important
0:28.2	Thing in Mastering the Market Cycle. Learning from a fantastic investor like Howard reminds me of
0:34.0	how much I don't know as an investor, which helps to keep me humble and challenge
0:37.9	my own beliefs. Howard is truly a wealth of wisdom, and I'll bounce around from memo to memo,
0:43.4	sharing excerpts and takeaways that I think will help make you a better investor. We'll cover
0:47.9	topics like what it really takes to beat the market, the importance of being a contrarian,
0:52.2	Marx's experiences living through the internet bubble in 2000,
0:55.9	the great financial crisis and the COVID crash of 2020, the cardinals end of investing,
1:00.3	and a whole lot more. With that, I hope you enjoyed today's episode covering the investing
1:05.1	wisdom of billionaire Howard Marks.
1:16.7	Celebrating 10 years, you are listening to Millennial Investing by the Investors Podcast Network.
1:22.9	Since 2014, we have been value investors' go-to source for studying legendary investors,
1:26.6	understanding timeless books, and breaking down great businesses.
1:30.2	Now, for your host, Sean O'Malley.
1:45.3	To begin, I want to review Howard Marks' first published memo for clients in 1990 and then a more recently published memo to compare how his writings and insights have evolved over time. Marx's October 1990 memo
1:51.7	called The Route to Performance begins with the following excerpt, quote, we all seek investment
	...

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