TIP665: The Most Important Thing by Howard Marks w/ Clay Finck & Kyle Grieve

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 4 October 2024

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay and Kyle review The Most Important Thing by Howard Marks and share their most impactful takeaways. Howard Marks is the co-founder and co-Chairman of Oaktree Capital Management, a global investment giant with more than $190 billion in assets. He’s also the author of two best-selling books, “The Most Important Thing” and “Mastering the Market Cycle,” and his client memos have earned him renown as one of the world’s most insightful thinkers on financial markets and the art of investing. Warren Buffett has said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:12 - How second-level thinking can improve our skills as investors. 10:54 - The most common reasons for a stock to be mispriced. 13:40 - Howard’s thoughts on the efficiency of markets. 18:26 - How Howard Marks thinks about risk. 28:25 - Ways in which we can recognize risk in the market. 50:31 - How to differentiate luck versus skill in investing. 01:10:55 - The importance of patient opportunism for investors like Pulak Prasad and Warren Buffett. And so much more! Disclaimer: Slight discrepancies in the timestamps 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, Kyle, and the other community members. Books mentioned: The Most Important Thing, The Joys of Compounding. Related Episode: TIP545: The Third Sea Change Has Begun. Related Episode: RWH002: Investing Wisely in an Uncertain World. Mentioned Episode: TIP597: Darwin's Investing Lessons w/ Kyle Grieve. Follow Kyle on Twitter. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes 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 We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. 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: River Toyota Daloopa Sound Advisory TastyTrade Public Connect Invest Onramp Found American Express BAM Capital Fundrise 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 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.
0:03.0	On today's episode, my co-host Kyle Grieve and I will be chatting about Howard Marks's book, The Most
0:08.2	Important Thing, and sharing our biggest takeaways from reading the book.
0:12.3	Howard Marks is the co-founder of Oak Tree Capital, which
0:15.2	manages over $190 billion in assets, and he's also been a previous guest on the podcast on multiple
0:21.7	occasions. In this episode, Kyle and I will discuss the concept of
0:25.6	efficient markets and how that ties into being a successful investor, why the essence of successful
0:30.9	investing is properly understanding in managing risk.
0:34.5	The importance of understanding market cycles and investor psychology, pockets of the market
0:38.8	where we can potentially find bargains where the price is greatly below the value, and how investors like
0:44.4	Pulak Prasad and Warren Buffett utilize patient opportunism to achieve market-beating returns.
0:50.3	The most important thing has so many fundamental and key insights to investing successfully,
0:55.2	so I think you'll really enjoy hearing some of Kyle and I's takeaways from the book.
0:58.9	So with that, I bring you today's episode covering the most important thing by Howard Marks.
1:03.5	Celebrating 10 years and more than 150 million downloads.
1:12.1	You are listening to the Investors Podcast Network. Since 2014, we studied
1:16.9	the financial markets and read the books that influence self-made billionaires the most.
1:21.9	We keep you informed and prepared for the unexpected. Now for
1:25.9	your hosts, Clay Fink and Kyle Grieve. Thank you. Welcome to the Investors Podcast.
1:34.0	I'm your host Clay Fink and today I'm joined by my co-host,
1:40.0	I'm your host, Clay Fink, and today I'm joined by my co-host Kyle Grieve.
1:45.0	Kyle, welcome to the show.
	...

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