During their recent episode, Taylor, Carlisle, and Joshua Young discussed Investing as a Game of Chicken: Valuation vs. Patience in Market Cycles. Here’s an excerpt from the episode: Jake: Yeah. So, that’s still north of here as well. One thing I have been thinking about that is kind of, I … 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
Uncomfortably Idiosyncratic: Howard Marks on Smart Investing
In the latest episode of Behind the Memo, legendary investor Howard Marks shared his wisdom on navigating market cycles, particularly during speculative bubbles. His insights serve as a crucial reminder for investors: true success comes from independent thinking and resisting the herd mentality. One of Marks’ most striking points is … 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
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
Tech Dominance Is Breaking the Market Cycle
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Tech Dominance Is Breaking the Market Cycle. Here’s an excerpt from the episode: Michael: No, no, that’s good, actually. So, let’s play with this. Jake: Confirm my priors, please. [laughter] Michael: Right. Misery loves company, especially in podcasts. Okay, let’s … Read More
Ray Dalio: Smart Investment Strategies for 2025
In this interview with the All-In Podcast, Ray Dalio explains how investors often focus on buying great companies but overlook the importance of pricing, which can turn a great company into a poor investment if it’s overpriced. This is particularly concerning in a high-interest-rate environment, reminiscent of the late 1990s … Read More
David Einhorn On Memecoins and Market Bubbles
In his latest Q4 2024 Letter, David Einhorn discusses the rise of Fartcoin, a cryptocurrency that surged in value despite lacking intrinsic utility. He compares it to past speculative assets like Dogecoin, which similarly gained value through hype and trading interest. Einhorn argues that cryptocurrencies resemble collectibles such as art … Read More
Howard Marks: In Investing It’s Really Easy To Be ‘Average’
In this fireside chat with the HKUST Business School, Howard Marks discussed the cyclical nature of markets, emphasizing that cycles are driven by excesses in psychology and behavior. He explained that an excess of positive psychology leads to unsustainable behavior above the trend line, which eventually corrects back, often overshooting … Read More
Why Value Investing Struggles in Manias
During their recent episode, Taylor, Carlisle, and Jason Buck discussed Why Value Investing Struggles in Manias. Here’s an excerpt from the episode: Tobias: The S&P500 value has had this record setting nosedive while everything else has been taking off. I don’t understand. Why can’t value participate in one of these … Read More