Howard Marks joined the Master Investor Podcast to reflect on markets, cycles, and the principles that have guided his fifty-six-year career. He began by quoting Warren Buffett: “The less prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own affairs.” Marks warned … Read More
Why Howard Marks Calls 2008 His Proudest Investing Moment
During his recent interview with the Trinity Student Managed Fund Podcast, Howard Marks discussed a number of topics drawn from decades of experience that reveal a philosophy rooted in discipline, patience, and a steadfast commitment to values. “We didn’t have a napkin,” Marks quipped, reflecting on OakTree’s humble beginnings. “We … Read More
Joel Greenblatt: Most Investors Sabotage Themselves By Chasing Performance
In this interview with Jonathan Satovski on the Wisdom, Wealth, and Wellness Podcast, Joel Greenblatt discusses a number of topics including patience, discipline, and the behavioral pitfalls that trip up even the smartest investors. The core lesson? “The more you know, the less hard it is to stick with it. … Read More
Monish Pabrai on Berkshire Hathaway, Big Tech, and Betting on Coal
In a recent interview with SumZero, legendary value investor Monish Pabrai shared his thoughts on markets, leadership, and his unconventional bets on commodities. Pabrai views Berkshire Hathaway as a superior alternative to passive investing, especially in today’s market. “Given Berkshire’s large cash position, modest valuation, [and] relatively young leader, it’s … Read More
Howard Marks: You Must Deviate from the Herd AND Be More Correct
In a recent conversation with India’s CFA Society, Howard Marks, the Oaktree Capital co-founder explained why successful investing requires equal parts discipline, patience, and the willingness to stand apart. Marks, whose memos have become required reading for investors worldwide, began with a reminder of how extremes distort judgment. “In investor … Read More
Howard Marks: How To Become An Above Average Investor
In a recent interview with The Motley Fool, Howard Marks reflects on decades of investing. He returns to a simple yet powerful idea: “Good company, bad balance sheet.” That’s the kind of setup his firm, Oaktree, looks for — situations where strong businesses are dragged down by too much debt. … Read More
Cliff Asness: Why Most Investors Get Expected Returns Wrong
If you’ve ever scratched your head wondering why your return expectations don’t quite match reality—or even expert forecasts—you’re not alone. Cliff Asness, co-founder of AQR, just spotlighted a new series by his colleague Antti Ilmanen called Understanding Return Expectations, and it’s full of lessons investors can’t afford to ignore. The … Read More
Howard Marks: “Excessive Certainty Is The Enemy”
Howard Marks is the kind of investor who challenges the way you think. In this interview, he shares insight after insight, all with the steady, grounded perspective that only comes from decades of navigating real markets. What really stands out is his consistent focus on risk. “The challenge, the real … Read More
Bruce Berkowitz: Contrarian Value Investing Lessons
One of my favorite investors to follow is Bruce Berkowitz, founder and portfolio manager of Fairholme Capital Management. In this WealthTrack interview, I’ve pulled out some of his most valuable lessons for investors. First, focus on facts, not fear. As Berkowitz puts it: “The negatives are all uncertainty about the … Read More
Bill Nygren: Finding Value in the Shadows of the “Magnificent Seven”
The relentless dominance of tech giants—the so-called “Magnificent Seven”—has left many solid companies trading at bargain valuations, creating what veteran investor Bill Nygren calls “an unusual opportunity.” In his recent CNBC interview, the Oakmark Fund portfolio manager highlighted overlooked stocks with single-digit P/E ratios, arguing that the market’s fixation on … Read More
Howard Marks: How Investing Psychology Creates Market Bargains
Howard Marks makes a pretty simple but powerful point in The Most Important Thing: bargains don’t come from things everyone loves. They come from things people are scared of, don’t understand, or just ignore. As he puts it, “the necessary condition for the existence of bargains is that perception has … Read More
Mohnish Pabrai: The Power of Unpopular Investments
Investing is often thought of as a numbers game, ruled by ratios, charts, and forecasts. But in reality, the best opportunities often come from a place of discomfort—looking where others refuse to. As Mohnish Pabrai put it in his interview with the CFA in the U.K, “A good way to … Read More
Michael Burry on Market Fear: “Just Get Me Out of This Stock!”
Very few investors have captured the public’s imagination quite like Michael Burry. Best known for his prescient bet against the housing market before the 2008 financial crisis, Burry’s investing philosophy was forged long before that moment. His 2001 Scion Value Fund letter provides a revealing look into his contrarian mindset, … Read More
Howard Marks: Following the Crowd Will Ruin Your Portfolio
During his recent interview at Chicago Booth, Howard Marks explained how human emotions often lead investors to make poor decisions—buying high when markets are thriving and selling low during downturns. He emphasizes the importance of being contrarian, resisting emotional impulses, and sometimes doing the opposite of the crowd. Marks highlights … Read More
Howard Marks: How to Take the Market’s Temperature
In his memo titled – Taking The Temperature, Howard Marks discusses the importance of “taking the temperature of the market” by observing patterns and cycles driven by investor psychology. Study market history to recognize that extreme optimism or pessimism often leads to corrections. Cycles stem from excesses, where strong movements are … Read More
Damodaran, Fisher & Steinhardt On Successful Contrarian Investing
While a lot has been written about the importance of going against the herd in order to be a successful investor, it’s important to remember what a couple of very successful investors and one finance professor had to say on the subject. A long time ago, famous value investor Philip … Read More
Templeton – It Is Impossible To Produce Superior Performance Unless You Do Something Different From The Majority
One of my favorite investing books is, The Little Book of Behavioral Investing – How Not To Be Your Own Worst Enemy, by James Montier. The book takes you through some of the most important behavioral challenges faced by investors. Montier reveals the most common psychological barriers, clearly showing how emotion, … Read More
Seth Klarman – Herd Mentality Creates Buying Opportunities For Contrarians – Margin of Safety
One of the investors we follow closely at The Acquirer’s Multiple is Seth Klarman. In his best selling book, Margin of Safety, Klarman provides some great insights into how herd mentality towards popular stocks creates buying opportunities for contrarian value investors. Here’s an excerpt from that book: Value investing by … Read More