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

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

My First Million

13 HOURS AGO
My First Million

My First Million

13 HOURS AGO
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

Investing Guide: https://clickhubspot.com/epkr Episode 841: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to legendary investor Howard Marks about AI and making decisions in the face of fear and uncertainty.  — Show...

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...