Howard Marks has this gift for cutting through the noise. At Global Alts Miami 2025, he didn’t come with a market prediction or some flashy hot take on tech. In fact, when asked about Nvidia’s big 16% drop thanks to a new Chinese chatbot, he shrugged and said, “I don’t … Read More
Adam Smith: The Stock Market as a Game
It’s become abundantly clear to me that there’s a high degree of gambling in today’s stock market. From the frenzied trading of meme stocks to the speculative bets on tech IPOs, investing often feels more like a high-stakes poker table than a carefully calculated financial strategy. This isn’t a new … Read More
Howard Marks: How to Overcome Fear and Greed in Investing
As someone who’s been investing for many years, I’ve realised that investing is a psychological battlefield, where the hardest decisions are rarely about numbers and valuations—they’re about emotions. Howard Marks captures this dilemma perfectly in The Most Important Thing, where he reflects on the tech bubble and the 2008 financial … Read More
Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles. Here’s an excerpt from the episode: Tobias: Self abnegnation. I don’t mind that as a strategy. Michael: Well, I’ll tell you something. Actually, I’m half joking about it, … Read More
Are Markets Just a Casino Now?
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Are Markets Just a Casino Now?. Here’s an excerpt from the episode: Michael: Well, which goes back to why I find the environment disturbing. It’s distorting market signals. It’s distorting– It actually distorts efficiency. It’s like where is capital best … Read More
The Casino Mentality in Modern Markets
During their recent episode, Taylor, Carlisle, and Dan Rasmussen discussed The Casino Mentality in Modern Markets. Here’s an excerpt from the episode: Dan: I wonder too if it’s not like so many things in life, the presence of cell phones, that it’s just fun to trade. Check out 카지노사이트 today. … Read More
Daniel Kahneman: Can Investors Develop Expertise In Picking Stocks?
Here’s a great excerpt from Daniel Kahneman’s Keynote Address at the Amundi World Investment Forum – AmundiWIF19. Kahneman provides his thoughts on whether investors can develop expertise in picking stocks saying: Confidence & Expertise Can you develop expertise in picking stocks? This is very doubtful. In fact, it is probably not … Read More
Daniel Kahneman: The Trouble With Confidence
Here’s a great little video by Daniel Kahneman on the trouble with confidence. Kahneman makes the point that from a societal perspective confidence is generally very good, but from an individual’s point of view confidence is typically not always good. Here’s an excerpt from the video: Society rewards overconfidence. We … Read More
Howard Marks: The Pendulum of Investor Psychology
We’ve just been reading Howard Marks’ new book – Mastering The Market Cycle. In it there’s a great chapter titled – The Pendulum of Investor Psychology which discusses the impact of investor psychology on markets. Marks writes: One of the most time-honored market adages says that “markets fluctuate between greed … Read More
Daniel Kahneman: Investors Should Consider A “Regret Proof” Policy To Overcome Loss-Aversion
Here’s a great article from Morningstar in which Daniel Kahneman provides financial advisors with advice on how to better steer clients towards their investment goals using a “regret proof” policy. The policy could also be adapted by individual investors in managing their own portfolios. Here’s an excerpt from that article: Finding … Read More
Dan Ariely: 3 Simple Tricks To Help Investors Overcome Their Internal Biases
We just listened to a great podcast with Dan Ariely being interviewed by Shane Parrish at The Knowledge Project. During the interview Ariely provides investors with three tricks that can help overcome internal biases and change subconscious defaults to more of a conscious state of mind which in turn lead … Read More
Robert Cialdini – Just How Do Uncertain Investors Pick Their Stocks
The simple truth is that a lot of investors don’t have the time or won’t make the time to research the companies in which they’re going to invest. So how do uncertain investors pick their stocks? One answer can be found in the book, Influence: The Psychology of Persuasion, by Robert Cialdini. … Read More