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Howard Marks: how I make money while you worry about a market crash

Overview

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Highlights

Transcript

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Howard Marks: how I make money while you worry about a market crash

My First Million

Jul 15
My First Million

My First Million

Jul 15
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

Investing Guide: https://clickhubspot.com/epkr [https://clickhubspot.com/epkr] Episode 841: Sam Parr ( https://x.com/theSamParr [https://x.com/theSamParr] ) and Shaan Puri ( https://x.com/ShaanVP [https://x.com/ShaanVP] ) talk to legendary investor Howard Marks about AI and making decisions in the face of fear and uncertainty.  — Show Notes: (0:00) AI Hurtles Ahead (8:26) second level thinking (10:21) investing through the end of the world (14:47) raising $11B at a time of crisis (17:54) investing with fear (20:22) the key to a successful partnership (25:01) being a good father (27:37) only 1 success: to live your life your way (34:17) Having lunch with Warren Buffett (37:18) What people don't know about Buffett (39:37) cigar butt investing (41:35) recommended reading — Links: • AI Hurtles Ahead - https://www.oaktreecapital.com/insights/memo/ai-hurtles-ahead [https://www.oaktreecapital.com/insights/memo/ai-hurtles-ahead]  • A Short History of Financial Euphoria - https://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565 [https://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565]  • Fooled by Randomness - https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219 [https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219]  — Check Out Sam's Stuff: • Hampton (joinhampton.com [http://joinhampton.com]): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm [http://joinhampton.com/mfm] — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com [https://www.shaanpuri.com]  • Visit https://www.somewhere.com/mfm [https://www.somewhere.com/mfm] to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Shaan uses Mercury for banking across all of his companies. you can too: http://mercury.com/ [http://mercury.com/]  Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /

Highlights

In this episode, legendary investor Howard Marks joins Sam Parr and Shaan Puri to discuss his evolving views on AI, the importance of second-level thinking, and how to make investment decisions during times of crisis. Marks shares insights from his career, including raising $11 billion during the 2008 financial crisis and the keys to his long-term partnership.
00:00
AI's autonomy and unpredictability are unprecedented.
08:28
To outperform, you must have a variant perception different from the consensus and be correct.
10:23
If the world melted down, it wouldn't matter.
14:51
Funds must be raised before a crisis, not during.
17:56
Act despite fear, or miss the opportunity.
23:33
Value a partner who does what you don't want to do.
25:04
Support children, don't assert superiority
33:31
Certainty can lead to trouble
37:27
Buffett described their partnership as brotherly
39:39
Their relationship was full of humor
41:39
Shift from cheap to great companies at good prices.

Chapters

AI Hurtles Ahead
00:00
second level thinking
08:26
investing through the end of the world
10:21
raising $11B at a time of crisis
14:47
investing with fear
17:54
the key to a successful partnership
20:22
being a good father
25:01
only 1 success: to live your life your way
27:37
Having lunch with Warren Buffett
34:17
What people don't know about Buffett
37:18
cigar butt investing
39:37
recommended reading
41:35

Transcript

Howard Marks: If you wait until you have nothing to be afraid about, probably the opportunity has passed. Shaan Puri: Howard, it's good to see you again. We had a lot of fun last time. And we were like, look, I don't know if other people are going to like...