Chapter
Howard Marks on Second-Level Thinking and the Importance of Broad Knowledge
1:32:59 - 1:45:36 (12:37)
Howard Marks discusses the importance of second-level thinking in investing, which involves considering not just how an event will impact the market, but how the market is expecting it to impact the market. He also recommends broadening one's knowledge beyond investing and credit, citing "Lessons of History" by Will and Ariel Durant and "Grant's Interest Rate Observer" as informative reads.
Clips
The unpredictability, variability, and randomness of the world we live in should be accepted, inhaled, and embraced, as it can lead to better outcomes in the longer term.
1:32:59 - 1:36:05 (03:06)
Summary
The unpredictability, variability, and randomness of the world we live in should be accepted, inhaled, and embraced, as it can lead to better outcomes in the longer term. Preparing for an unpredictable future is smarter than assuming everything will go well.
ChapterHoward Marks on Second-Level Thinking and the Importance of Broad Knowledge
Episode#338: Howard Marks — How to Invest with Clear Thinking
PodcastThe Tim Ferriss Show
In this podcast, the host discusses second-level thinking and its importance in investing with guest Howard Marks, a well-known investor and writer.
1:36:05 - 1:40:49 (04:43)
Summary
In this podcast, the host discusses second-level thinking and its importance in investing with guest Howard Marks, a well-known investor and writer. They also emphasize the significance of broad-based reading in fields beyond investing to gain competitive advantages in the market.
ChapterHoward Marks on Second-Level Thinking and the Importance of Broad Knowledge
Episode#338: Howard Marks — How to Invest with Clear Thinking
PodcastThe Tim Ferriss Show
In this podcast, the speaker explains value investing, the concept of intrinsic value, and why it does not apply to assets that do not produce cash flow, such as bitcoin.
1:40:49 - 1:43:10 (02:20)
Summary
In this podcast, the speaker explains value investing, the concept of intrinsic value, and why it does not apply to assets that do not produce cash flow, such as bitcoin. The speaker also expresses concerns about people investing in cryptocurrency without understanding the technology or the value of the asset.
ChapterHoward Marks on Second-Level Thinking and the Importance of Broad Knowledge
Episode#338: Howard Marks — How to Invest with Clear Thinking
PodcastThe Tim Ferriss Show
Value investor Howard Marks shares his insights on the speculation surrounding investment in Bitcoin, arguing that macro considerations like the direction of economies and markets can't be reliably predicted.
1:43:11 - 1:45:36 (02:25)
Summary
Value investor Howard Marks shares his insights on the speculation surrounding investment in Bitcoin, arguing that macro considerations like the direction of economies and markets can't be reliably predicted. He notes that the so-called macro funds have been performing poorly for years, and cautions against investing in Bitcoin on the assumption that it's a currency that governments can't deflate or counterfeit.