The MOST Important Thing | BIGGEST Investing Lessons From Billionaire Howard Marks (TIP497)

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Clay Finck studies the work of Howard Marks and shares his biggest takeaways from reading his book, The Most Important Thing. Howard Marks is the co-founder of Oaktree Capital which has $159 billion in assets under management.
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IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:01:47 - The Most Important Thing
00:03:18 - Second-Level Thinking
00:07:40 - Efficient Market Hypothesis
00:10:59 - Investing Risk
00:14:35 - Defining Risk
00:20:45 - Market Cycles
00:23:32 - Investing Mistakes
00:29:03 - How to Invest with Market Cycles
00:31:24 - Buying Bargains
00:35:10 - Investing in a Low Rate Environment
00:35:32 - Patient Opportunism
00:39:16 - Investing Defensively
00:45:00 - Why Macro Forecasts Are So Difficult
🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/e...
📖 BOOKS MENTIONED:
- The Most Important Thing by Howard Marks: amzn.to/3g5Zd1N
- Mastering The Market Cycle by Howard Marks: amzn.to/3AiMe3I
- Richer, Wiser, Happier by William Green: amzn.to/3RX9gDp
Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀
💡 OTHER RESOURCES
- Howard’s article, The Illusion of Knowledge: www.oaktreecapital.com/insigh...
- Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future - Use our link here for a 14-day free trial: www.sahg6dtr.com/59QC8Z/R74QP/
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ABOUT OUR SHOW 🎙
On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.
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[@dallemj9444]

This chanel Is pure GOLD

[@WeStudyBillionaires]

Thank you so much for the support!

[@djramz3]

Love that phrase, "the greatest enemy of knowledge is not ignorance, but the illusion of knowledge," will remember that one. Thanks for posting!

[@WeStudyBillionaires]

Thank you so much for tuning in!

[@Emilyleestrong]

Thanks 🙏

[@WeStudyBillionaires]

Glad you found the episode helpful! Feel free to share it to your friends!

[@romantopmoller9549]

What a coincidence: today, Howard Marks released a new memo

[@rocking1313]

Greatest enemy of knowledge is not ignorance but the appearance of knowledge!
- Second level thinking
- Important to assess how much one would make from an investment that plays out v/s how much downside you have when it doesn't - Soros
- Invest Defensively : keep up with benchmarks during bull mkts but lose much less in downdrafts

[@michaelcorbi7335]

What happened to the David Gardner interview?

[@WeStudyBillionaires]

Hi MIchael, we experienced some technical difficulties, it will be out on Dec 1st - stay tuned!

[@bensonmuturi9777]

Ahhh !!! Men. I love that George Soros Quote. Always gives me chills

[@WeStudyBillionaires]

Thanks so much for tuning in!

[@PeterParker-wj3cr]

Pay attention to the masses and just do the opposite!