Chapter
Accepting Realities in a Low Return World
1:26:06 - 1:32:58 (06:52)
Howard Marks emphasizes the importance of accepting realities, dealing with things as they are, and being mindful of repetitive market cycles in investing during low returns. He also shares insights from Peter Bernstein's memos and Ray Dalio's book "Principles."
Clips
Howard Marks emphasizes the need to understand ourselves and repetitive nature of cyclical patterns in the market to avoid misconceptions.
1:26:06 - 1:28:16 (02:10)
Summary
Howard Marks emphasizes the need to understand ourselves and repetitive nature of cyclical patterns in the market to avoid misconceptions. Although cycles are never the same in terms of amplitude, speed, or duration, recognizing recurring themes can help us to identify and respond to cyclical occurrences.
ChapterAccepting Realities in a Low Return World
Episode#338: Howard Marks — How to Invest with Clear Thinking
PodcastThe Tim Ferriss Show
In a low return world, accepting reality is important rather than taking a lot of risks.
1:28:16 - 1:31:32 (03:16)
Summary
In a low return world, accepting reality is important rather than taking a lot of risks. Understanding cycles and taking money off the table when recovery is old is necessary to behave cautiously.
ChapterAccepting Realities in a Low Return World
Episode#338: Howard Marks — How to Invest with Clear Thinking
PodcastThe Tim Ferriss Show
Warren Buffett discusses meeting Peter Bernstein, whom he considered the smartest person he ever met.
1:31:32 - 1:32:58 (01:25)
Summary
Warren Buffett discusses meeting Peter Bernstein, whom he considered the smartest person he ever met. He particularly admired Bernstein's ability to articulate Buffett's own beliefs and ideas, and he incorporated some of Bernstein's insights on risk into his own work.