RWH002: Investing Wisely in an Uncertain World w/ Howard Marks

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 15 March 2022

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

IN THIS EPISODE, YOU'LL LEARN: 04:31 - How Marks was shaped by his first experience of a stock market bubble and crash. 12:04 - How conversations with his son have led him to modify his investment principles. 18:20 - Why he came to believe that buying cheap assets is the key to successful investing. 26:01 - What is his view of the current investment environment? 36:37 - Why Marks regards emotion as the “greatest enemy” of superior investing. 48:40 - How to invest successfully in a period of high inflation. 54:48 - Why Marks now believes that his “knee-jerk skepticism” about Bitcoin was wrong. 58:43 - Why Marks is bullish on China at a time when most foreign investors are running scared. 01:04:03 - Why moral values like integrity, candor, and fairness are essential to a good life. 01:14:00 - How to succeed by playing to your own strengths and living life on your own terms. *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 Stig, Clay, and the other community members. Howard Marks’ Memos. Howard Marks’ “Something of Value” Memo. Howard Marks’ book, The Most Important Thing Illuminated. Howard Marks’ book, Mastering the Market Cycle. Preston and Stig discuss The Most Important Thing book on We Study Billionaires Episode 073. Trey interviews Howard Marks on We Study Billionaires Episode 073. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green interviews Ray Dalio on We Study Billionaires Episode 410. William Green’s Twitter. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Plus500 Netsuite Shopify Vanta HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 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 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.
0:03.2	My guest today is Howard Marx, who's one of the most influential and widely admired
0:07.4	investors of our time.
0:09.2	Howard is the co-founder of Oak Tree Capital, where he oversees about $166 billion in assets.
0:15.3	Oak Tree's success has made Howard a multi-billionaire, but what's really remarkable about him is
0:20.5	the quality of his thinking.
0:22.4	In my book, Richard Weiser, I'm happy I wrote a whole chapter about Howard and described
0:26.4	him as a philosopher-king of finance.
0:29.3	As I see it, nobody I've ever met is better at explaining how to invest intelligently
0:34.0	in an uncertain world where everything is changing all of the time, and nobody knows what
0:38.4	the future holds.
0:39.4	As you'll hear in this episode, one of the secrets of Howard's success is his humility.
0:44.9	After more than 50 years in the investment business, he's still constantly challenging
0:48.7	his own beliefs and asking himself why he might be wrong and pushing himself to adapt
0:53.6	as the world continues to change.
0:56.2	Howard sums up this mindset by quoting a Clint Eastwood movie, in which a cop named
1:00.3	Dirty Harry says a man's got to know his limitations.
1:04.4	In this conversation, Howard speaks candidly about why he was probably wrong to dismiss
1:09.2	Bitcoin.
1:10.2	He shares his views on the current market environment.
1:13.0	He explains how to invest successfully in a period of high inflation, and he talks about
1:17.5	why he's so bullish about China at a time when most foreign investors think it's way
	...

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