During their recent episode, Taylor and Carlisle were joined by Justin Carbonneau, Jack Forehand, and Matt Zeigler. They discussed: Why Character Beats IQ in Investing Every Time. Justin: All right. So, the last one was by Pim van Vliet. He’s a Robeco guy over in Europe, a big quant guy. … Read More
VALUE: After Hours (S07 E35): Excess Returns with Justin Carbonneau, Jack Forehand and Matt Zeigler
During their recent episode, Taylor and Carlisle were joined by Justin Carbonneau, Jack Forehand, and Matt Zeigler. They discussed: How to Stick With Your Investing Strategy When It Gets Hard The One Habit That Separates Great Investors From Everyone Else Why Character Beats IQ in Investing Every Time Why Writing … Read More
Howard Marks: Risk-bearing Is Not Guaranteed To Produce A Better Outcome
In his talk at The Church, Howard Marks laid out foundational investment principles, beginning with a healthy skepticism toward market efficiency. “The other people aren’t idiots,” he stated, explaining that the collective actions of intelligent, motivated investors cause securities to trade near their fair value. This efficient market hypothesis, while … Read More
Howard Marks: Why It’s Time to Put More Defense in Your Portfolio
Investors are grappling with a central question: why are asset prices so strong in the face of what many view as net negative developments? During his recent interview with Bloomberg, Howard Marks offers a clear perspective, noting that “stocks are expensive relative to what I call fundamentals or you might … Read More
Seth Klarman: Value Investors Are Wired Differently
During a recent interview with Goldman Sachs, Seth Klarman discussed his approach to investing which is deeply rooted in value, discipline, and risk management—principles that have guided the Baupost Group for over four decades. “The only way to invest well long-term is to be differentiated from the crowd,” Klarman said. … Read More
VALUE: After Hours (S07 E23): Zeke Ashton on Buffett, the Post-Value Era, UnitedHealth $UNH and his Four Decision Factors
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Zeke Ashton discuss: The Post-Value Era and Buffett’s Legacy The Four Controllables in Investing Selling, Round-Trips, and Behavioral Tactics Margin of Safety vs Momentum Narratives, Flows, and Broken Markets Mispriced Small-Caps and Market Structure Patience, Repricing, and … Read More
What The Money Game Teaches Us About Investor Behavior
In The Money Game, George Goodman (writing under the pseudonym “Adam Smith”) strips away the illusions of Wall Street with wit and psychological insight. The book isn’t a traditional guide to investing—it’s a sharp, philosophical, and often humorous exploration of why investors behave the way they do. Goodman opens with … 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
VALUE: After Hours (S07 E13): Panic Selling, Risk Off, and Behavioral Finance
During their recent episode, Taylor, Carlisle, and Barry Ritholz discussed Panic Selling, Risk Off, and Behavioral Finance. Here’s an excerpt from the episode: So, if you’re uncomfortable at a 70/30 or 60/40, because you know you need this money, you want to make sure that you don’t do anything silly. … Read More
Mohnish Pabrai: Never Sell A Great Business Because It Looks Expensive
In a recent interview with Capital Compounders, investor Mohnish Pabrai shares hard-earned wisdom about recognizing and holding onto great businesses—especially compounders. He emphasizes that true understanding of a company often comes after buying it: “You really only truly understand a business after you own it.” While some businesses like Google … Read More
Howard Marks: Market Cycles and the Illusion of Average
For as long as I’ve followed financial markets, the prevailing wisdom has been to think of economic and market cycles in terms of ups and downs—booms and busts, bull and bear markets. But after listening to Howard Marks on the Sweat Your Assets podcast, I’ve come to see cycles differently. … 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
Charlie Munger: Great Investors Remain Rational, Objective, and Dispassionate
Here’s some great Charlie Munger quotes from the book Charlie Munger: The Complete Investor, by Tren Griffin. Munger is highlighting the importance of investors remaining rational, objective, and dispassionate: Rationality is not just something you do so that you can make more money; it’s a binding principle. Rationality is a … Read More
John Hussman: Fish Don’t Know They’re In Water (Investors In A Market Bubble)
We’ve just finished reading a great article by John Hussman at Hussman Funds called The Music Fades Out in which Hussman discusses current market conditions and provides a great illustration of the changes in investor psychology during market bubbles. Here’s an excerpt from that article: Fish don’t know they’re in … Read More