Podcasts about thoughtful investor

"The Most Important Thing: Uncommon Sense for the Thoughtful Investor" by Howard Marks is a profound investment classic that has guided countless investors in their financial journeys. Brimming with insightful advice and practical examples, the book delves into essential principles of risk management, market understanding, and contrarian thinking. Marks instructs readers on how to identify value, navigate market cycles deftly, and make decisions unaffected by emotional biases. This guide fosters a deeper understanding of investment philosophy, urging investors to think independently, recognize the role of luck, and above all, stay true to their individual investment strategies.

Introducing Bryan GordonBryan Gordon is the Founder of “Madison Ventures+” Property Investments, a fund that has overseen the raising and deployment of over $1.1 billion of equity capital - generating an average annual return of over 30%. Bryan boasts over 35 years of experience as a serial entrepreneur, private equity investor, and risk management consultant.  What You Will LearnFocusing on the Upsides Versus Focusing on the DownsidesTeam Culture in PE FirmsThe Value of Human Capital Breakdown[00:45] Getting to Know Bryan Gordon[01:41] Common Mistakes by PE Firms and Their Portfolio Companies[03:56] Why People Are Essential for PE Success[05:20] Important Attributes of a Top Performer[08:10] Advice for PE Firms Looking for Long-Term Investments[11:40] How Bryan and His Team Achieves Yearly 25% Returns[14:05] Things Bryan Likes and Dislikes About Private Equity[18:30] Shifting from a Fund-Based Structure[20:35] Bryan's Go-To Self-Improvement Resources[22:45] Parting Thoughts  Why People are The Most Important Element in a PE Firm The team element is crucial when finding and closing deals. Gone are the days when machinery and other tangible assets created value in an organization. Today it's all about teams, execution, and intellectual capital. Your people are responsible for the way organizations transform data and resources into profitable deals to invest in. They bring unique talents and perspectives that can contribute to innovation and creativity within the organization. Bryan explains that when people are engaged and committed to their work, they are more likely to go above and beyond to ensure the organization's success.Overall, people are the lifeblood of an organization. They are the ones who drive its success, bring it to life, and make it thrive. Without people, a firm cannot achieve its goals, deliver its mission, or create a positive impact on its stakeholders. How to Contact BryanMadisonventuresplus.comBryan's email: Bgordon@madisonventuresplus.comMargin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor by Seth A. KlarmanThe Art Of War by Sun TzuHarold and the Purple Crayon by Crockett Johnson​​Thank you for tuning in!To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.   

Listen to the full conversation:Spotify: https://spoti.fi/3Ce91hoYouTube: https://bit.ly/42hwfOoApple: https://apple.co/42iwzfOOr available on all other platformsShow notes & Transcript:https://lnkd.in/g5VfwBfp

In 2017, we had a problem… Economists, investors, and operators thought we had pulled the final straw. To many, it had seemed like commercial real estate had passed over the line into overvalued territory.  Fortunately for most of us, various factors such as bonus depreciation, inflation, and new economic data changed much of the sentiments of that time.  However, it's now five years later. Markets are hot, inflation is high, cap rates are squeezed, and everyone you talk to is a bull.  But not to worry because our guest today has high conviction that self-storage is the way to hedge against inflation and position yourself for the unknown. In this episode, he tells us how to invest in this exciting asset class without losing money! Today, Paul Moore shares some of the insights he has gained, having gone full-cycle on over 85 real estate deals through multiple cycles. He is  the Managing Partner of Wellings Capital and has recently published his latest book' “Storing Up Profits: Capitalize on America's Obsession with Stuff by Investing in Self-Storage.” In this episode, we discuss… Why Self-Storage has been experiencing an unprecedented boom in demand, which was partly accelerated by COVID-19. Why Self-Storage makes sense from a macro and microeconomic perspective. Where Paul is investing in Self-Storage and why it is more important than ever to vet your operators before the deal. Some of the creative solutions best-in-class operators have implemented to compete in any market. If you are a passive investor seeking new perspectives to home your investment theses or a capital-raiser looking for new ways to approach choosing sponsors to partner with, Paul's insights will undoubtedly be valuable to you. Take Control,Hunter Thompson Resources mentioned in the podcast: 1. Previous appearance “E51 – Speculating vs Investing” 2. His book “Storing Up Profits: Capitalize on America's Obsession with STUFF by Investing in Self-Storage” 3. Wellings Capital's free 5-day course on getting into commercial real estate 4. Howard Marks' book “Mastering The Market Cycle: Getting the Odds on Your Side” 5. Howard Marks' book “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” 6. William Green's book “Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life” 7. How To Lose Money Podcast 8. Hunter's appearance on the How To Lose Money Podcast Interested in investing in ATMs? Check out our webinar.   Please note that investing in private placement securities entails a high degree of risk, including illiquidity of the investment and loss of principal. Please refer to the subscription agreement for a discussion of risk factors. Tired of scrambling for capital?  Check out our new FREE webinar -  How to Ensure You Never Scramble for Capital Again (The 3 Capital-Raising Secrets). Click Here to register.   CFC Podcast Facebook Group

Hello members and subscribers! The ninth Moonshots Master episode is here and we are diving into Critical Thinking and SECOND ORDER THINKING!Helping set the scene for Second Order Thinking we think it only right to start with Howard Marks, who explains why if you think the same as everyone else you're not going to be a superior investor. We then have breakdowns, courtesy Yanis from Time Management and Productivity, of both Second Order Thinking and how it influences future actions, as well as Second Order Consequences and how every action has a consequence.Now it's time to truly understand the concept of Second Order Thinking, so we break down some thinking from Roman Krznaric of Big Think, who tells us that it is possible to utilise long term thinking and imagine the future if you retrain your brain. Swedish Investor then breaks down Howard Marks' 3 chapters on risk, and how understand, recognize, and control it. Lastly, we have Taylor Benterud, who creates a great example of second order consequences for us, demonstrating some long-term thinking as a mental model with an agency model example.Helping us adopt the practice and techniques of Second Order Thinking we get introduced to the concept of critical thinking with the TED-Ed channel which help us find the most useful information. We then have Jordan Peterson teaching us how critical thinking and writing are so interconnected. And finally, we have classic Moonshotter Adam Grant who emphasises the power of procrastination, and how it's essential to leave yourself enough time to really think and grow.Our reading list is full of tips, tricks and tools to help you harness your thinking, decision making and Second Order Thinking: The Most Important Thing: Uncommon Sense for the Thoughtful Investor, Howard Marks Howard Marks' Second Level Thinking Skills, MindTools Second-Order Thinking: What Smart People Use to Outperform, Farnham Street Second Order Thinking, Noah Pepper on Medium Second Order Thinking: Thinking Practice To Make Better Decisions, TechTello Super Thinking: The Big Book of Mental Models, Gabriel Weinberg and Lauren McCann Thinking, Fast and Slow Paperback, Daniel Kahneman Second-order thinking, UnTools 5 tips to improve your critical thinking, Samantha Agoos Making Better Decisions With Second-Order Thinking, SchoolOfMomentum Dr Jordan B. Peterson's 10 Step Guide to Clearer Thinking Through Essay Writing Think Again: The Power of Knowing What You Don't Know, Adam Grant Originals: How Non-Conformists Move the World, Adam Grant What key lesson are you taking from this episode? Get in touch and let us know! Thanks for listening. That's a wrap.

This week, Shirin and Jamie sit down with Cornelia Gomez, Head of ESG at PAI Partners. They discuss how ESG is integrated across the private equity pipeline, the key sustainability trends of 2022, and the changing role of data in shaping how we measure and account for value within the investment process.   Books mentioned in the episode: The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks https://www.wob.com/en-gb/books/howard-marks-oaktree-capital-m/most-important-thing/9780231153683   A World of Three Zeros by Muhammad Yunus https://www.wob.com/en-gb/books/muhammad-yunus/world-of-three-zeroes/9781911344568   The Prize: the Epic Quest for Oil, Money & Power by Daniel Yergin https://www.wob.com/en-gb/books/daniel-yergin/prize/9781847376466

More and more, it seems big corporations and even banks have become tools of the left. Americans have been fired from their jobs, deplatformed from social media, and have even seen their bank accounts closed, simply for not bending a knee to the left. This has prompted many conservatives to rethink where they spend and […]

More and more, it seems big corporations and even banks have become tools of the left.Americans have been fired from their jobs, deplatformed from social media, and have even seen their bank accounts closed, simply for not bending a knee to the left. This has prompted many conservatives to rethink where they spend and invest their money.John Coleman, a managing partner of Sovereign's Capital, a values-driven private equity and venture capital firm, joins "The Daily Signal Podcast" to discuss a more thoughtful way of investing in the age of "woke corporatism.""You've got this dynamic where progressives are much more likely to actually act on their political or cultural beliefs against a company than conservatives are," says Coleman. "And so, we've ended up in a situation where if you're a public company, those who hold more progressive values have much greater sway on what you are going to do, because you suffer the consequences more [directly] if you don't listen to that voice."Enjoy the show! See acast.com/privacy for privacy and opt-out information.

Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989.  With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California. Our conversation starts with Paul's trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 2:54 – How Paul got started in the business 4:52 – Lessons learned in the early years of his career             5:56 – Common Stocks and Uncommon Profits and Other Writings             6:01 – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor             6:05 – The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel 7:49 – What works about growth stock investing 9:01 – What constitutes a great growth company 13:47 – Defining and measuring a company's competitive advantage 17:50 – How does he assess a company's culture             19:41 – The Culture Cycle: How to Shape the Unseen Force that Transforms Performance 20:26 – Questions that help assess company culture 21:57 – Any data to back up claims that companies with good cultures perform better over time 22:46 – Culture aligning with competitive advantage 24:30 – Looking at WCM's moat and culture 31:23 – The landscape for active management 33:53 – Weathering tough periods for the firm 37:02 – How do they think about culture in other countries 39:01 – Why does growth stock investing work when the data shows otherwise 40:47 – What is he excited about in growth stocks 43:45 – Tailwinds at the sector level 45:10 – Downside protection in the portfolio 46:38 – Patterns of positive and negative allocator behavior 48:35 – How do they manage the change in the portfolio going from 200 million to 26 billion 49:53 – Closing questions

Do you find yourself confused at times, not too sure what percentage margin of safety to determine your buying price? Is it 10%, 20% 50%? You're just not sure what is the perfect margin of safety you should apply to your investments? If this sounds like you, then this is the episode for you. In this episode, we'll do a more in-depth study of Margin of safety and how we're actually implementing it in our daily lives. We'll also discuss about Margin of Safety Formula and how to determine the right Margin of Safety ratio to apply to your investments. On top of that, by the end of this episode, we'll have Warren Buffett and Charlie Munger to share their take on how they identify the right Margin of Safety for their investments. I'm sure you're gonna love this episode. If you'd like to learn more about Margin of Safety, feel free to check out the Margin of Safety book by Seth Klarman (Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor). In this book, Seth Klarman explains the philosophy of value investing, and demonstrates the logic behind how investors can achieve good investment success with limited risk involved. So if you guys are interested, feel free to check that out. Otherwise, I'll probably be preparing a copy of Margin of Safety Seth Klarman pdf summary for you guys soon in the future to make it easier for you to read it. Anyway, I hope you enjoy this episode. If you'd like to find out more about Delugne Investing, check out Delugne.com to find out more!

Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989.  With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California. Our conversation starts with Paul’s trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast   Show Notes 2:54 – How Paul got started in the business 4:52 – Lessons learned in the early years of his career             5:56 – Common Stocks and Uncommon Profits and Other Writings             6:01 – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor             6:05 – The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel 7:49 – What works about growth stock investing 9:01 – What constitutes a great growth company 13:47 – Defining and measuring a company’s competitive advantage 17:50 – How does he assess a company’s culture             19:41 – The Culture Cycle: How to Shape the Unseen Force that Transforms Performance 20:26 – Questions that help assess company culture 21:57 – Any data to back up claims that companies with good cultures perform better over time 22:46 – Culture aligning with competitive advantage 24:30 – Looking at WCM’s moat and culture 31:23 – The landscape for active management 33:53 – Weathering tough periods for the firm 37:02 – How do they think about culture in other countries 39:01 – Why does growth stock investing work when the data shows otherwise 40:47 – What is he excited about in growth stocks 43:45 – Tailwinds at the sector level 45:10 – Downside protection in the portfolio 46:38 – Patterns of positive and negative allocator behavior 48:35 – How do they manage the change in the portfolio going from 200 million to 26 billion 49:53 – Closing questions

Basant Maheshwari, author of best selling book, The Thoughtful Investor, is a highly respected advisor on stock market. He has created wealth for himself after faltering early in his life, and has been advising a lot of clients. He shares his thoughts about investing in the stock market. Neither Basant Maheshwari nor the host WV Raman can be held liable for any decisions made by anyone based on the views expressed in this conversation.

Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions | Brought to you by LinkedIn Jobs and "5-Bullet Friday." More on both below. "Move forward but with caution." — Howard MarksHoward Marks (@HowardMarksBook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $125 billion in assets under management. He is the author of the books Mastering the Market Cycle: Getting the Odds on Your Side and The Most Important Thing: Uncommon Sense for the Thoughtful Investor, both critically acclaimed bestsellers.Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a BSEc degree from the Wharton School of the University of Pennsylvania with a major in finance and an MBA in accounting and marketing from the University of Chicago.Please enjoy!This episode is brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn is an active community with more than 675 million members worldwide. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.With LinkedIn, you can hire the right person quickly when you need them. And if you need to hire for healthcare or essential services, you can post your jobs for free. When it’s time to find and hire that right person, LinkedIn is here to help. Just visit LinkedIn.com/Tim to get started! Terms and conditions apply.This episode is also brought to you by "5-Bullet Friday," my very own email newsletter, which every Friday features five bullet points of cool things I've found that week, including apps, books, documentaries, gadgets, albums, articles, TV shows, new hacks or tricks, and -- of course -- all sorts of weird stuff I've dug up from around the world.It's free, it's always going to be free, and you can subscribe now at tim.blog/friday.***If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests.For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferriss

Podcast Notes Key Takeaways “There is no such thing as knowledge of the future because the future does not operate according to a fixed schedule…All we have is extrapolation from past patterns” – Howard Marks“The problem we have now is that there is no history for what we’re engaged in” We have the worst health crisis to come to America in over 100 yearsWe have the worst economy since the Great DepressionWe have the worst collapse of oil in historyWe have the greatest stimulus rescue in history“We have four things going on which are unprecedented and as a result we really can’t say what lies ahead”“The Fed is throwing everything and the kitchen sink at the problem and the problem has to be solved” – Howard Marks“We’re battling problems we’ve never seen before with weapons we’ve never seen before” The government is pumping roughly $10 trillion into the economy, will this cause an impact? “We don’t know”– Howard Marks“I think they’re going to continue to spend until the economy can take over for itself”Howard compares it to a doctor putting a patient into a coma until their disease is removed“They have to keep it on life support until they can bring the economy back” Howard believes the Fed will support the economy until the unemployment rate falls to single digitseval(ez_write_tag([[580,400],'podcastnotes_org-medrectangle-3','ezslot_7',122,'0','0']));Read the full notes @ podcastnotes.orgHoward Marks on the US Dollar, Three Ways to Add Defense, and Good Questions | Brought to you by LinkedIn Jobs and "5-Bullet Friday." More on both below. "Move forward but with caution." — Howard MarksHoward Marks (@HowardMarksBook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $125 billion in assets under management. He is the author of the books Mastering the Market Cycle: Getting the Odds on Your Side and The Most Important Thing: Uncommon Sense for the Thoughtful Investor, both critically acclaimed bestsellers.Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a BSEc degree from the Wharton School of the University of Pennsylvania with a major in finance and an MBA in accounting and marketing from the University of Chicago.Please enjoy!This episode is brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn is an active community with more than 675 million members worldwide. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.With LinkedIn, you can hire the right person quickly when you need them. And if you need to hire for healthcare or essential services, you can post your jobs for free. When it’s time to find and hire that right person, LinkedIn is here to help. Just visit LinkedIn.com/Tim to get started! Terms and conditions apply.This episode is also brought to you by "5-Bullet Friday," my very own email newsletter, which every Friday features five bullet points of cool things I've found that week, including apps, books, documentaries, gadgets, albums, articles, TV shows, new hacks or tricks, and -- of course -- all sorts of weird stuff I've dug up from around the world.It's free, it's always going to be free, and you can subscribe now at tim.blog/friday.***If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests.For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferriss

Howard Marks is co-chairman and co-founder of Oaktree Capital Management a leading global investment firm with deep expertise in credit strategies, which manages more than $120 billion in assets. Howard is the bestselling author of the two highly influential books: "Mastering the Market Cycle: Getting the Odds on Your Side" and "The Most Important Thing: Uncommon Sense for the Thoughtful Investor". He is also known for his very insightful investor letters, which has been claimed to be must-read material by many well-known investors, including none other than Warren Buffett. Howard holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago. “Experience is what you got, when you didn't get what you wanted” – Howard Marks In our conversation we discuss: How Oaktree experienced raising and deploying capital during the GFC of 2008 The difference between scepticism and negativism The similarities between investing and tennis The rise of passive investing The importance of being a contrarian The mood swings of market participants and how that affects one's own investment decision Why he writes and what has kept him motivated to write even though his letters once were not as popular as they are today And much more! “When I see memos from Howard Marks in my mail, they're the first thing I open and read" – Warren Buffett "Howard is a legendary investor" – Tony Robbins   As always, please do not forget to take 17 seconds to leave us a 5-star review on Apple Podcasts or wherever you get your podcasts from.   Be well and #stayhome!   Luke, Leo & Andy P.s. The content of this conversation is provided for general information purposes only and does not constitute financial, accounting, legal, tax…. advice. You know the drill, right? If you want to listen to the full disclaimer, just skip through the amazing conversation with Howard, and go straight to the end of the episode and you will be highly entertained.

In this episode, I talk to Howard Marks of Oaktree Capital about risk and market cycles. We delve into topics like Howard’s career, what shaped his thinking about risk and market cycles, distressed debt, the importance of history, and much more! Check out the episode to learn about risk and market cycles in a simplified way! Howard Marks, who is worth $2.2 Billion, is a co-founder and co-chairman at Oaktree Capital. Oaktree Capital is the world’s largest distressed securities investor and manages over $120 Billion. Howard co-founded Oaktree Capital in 1995, and before doing so, he worked at the TCW Group. He has authored two best-sellers on investing: The Most Important Thing: Uncommon Sense for the Thoughtful Investor and, most recently, Mastering the Market Cycle: Getting the Odds on Your Side. Warren Buffett, arguably the greatest investor of all-time, praised Howard Marks for his memos, saying, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” Howard majored in finance at Wharton and received his MBA from the Booth School of Business at the University of Chicago. Follow Howard and Oaktree Capital on Twitter here! Follow StreetFins on Twitter, Instagram, and Facebook here! Find and subscribe to Finance Simplified on Apple Podcasts, Google Podcasts, and Spotify! Howard’s memos are legendary for their simplicity and insight. As a result, I highly recommend checking them out! Check out a Q&A the Amador Valley Investment Club conducted with Howard Marks: Howard Marks At AVIC Confused about something? Check out some StreetFins articles relating to topics mentioned in the episode: Howard Marks Memo Breakdown: Dare To Be Great II Howard Marks Memo Breakdown: Risk Revisited Again Howard Marks Memo Breakdown: The Limits To Negativism Howard Marks Memo Breakdown: The Race To The Bottom Basics of Stocks

Summary:Every week on Simple Talk, host Wayne McCullough talks with his guests about faith, family,friends, fitness, and finances. This week, guest Larry Redell takes a deep dive into the world ofpersonal finances and investments. He's the co-owner of St. James Investment Company whichhas been managing equity portfolios for individuals and institutions for two decades. He shareshis thoughts on how to be a smart investor and how to start early to build security for yourfuture.Discipline is more important than mindset, Redell says. You can go into investing with the rightframe of mind, but if you can't establish and sustain good practices, even the best of intentionscan go astray. After all, no one can predict the future. It's impossible to know what peaks orvalleys lay ahead, so it's critical to prepare ahead and be ready for those fluctuations when theycome. Being prepared and disciplined, even a first-time investor can build something great.This Week's Takeaways:-Discipline is more important than mindset-Partnerships grow through shared values and varied skills-There's a difference between speculating and investing-There are times to be bold and times to be cautious-Build an antifragile portfolioQuotes:“What money should give people, I would suggest, if things are healthy, it gives you a lot offlexibility, it gives you a lot of freedom, you know you're going to be able to take care of thoseyou love and those you care about.” -Larry Redell“If you get yourself in debt … that exponential trap can keep you really mired in a bad situation.It can cause a lot of strife and can affect the other areas of your life really adversely.” -LarryRedell“If you can be an investor and put away a little money, if you can compound that money and livebelow your means, to me, you don't need to hit home runs. You hit singles. That's the basis ofour strategy.” -Larry Redell“It's not as hard as everybody thinks. The average person could start with $10,000 and dosomething.” -Wayne McCullough“You don't sit there and try to predict the future. What you try to do is build an antifragile portfolioand economy because you don't know where this black swan is going to come from. You don'tknow what unintended consequences might unwind.” -Larry RedellMentions:On this week's episode, host Wayne McCullough and guest Larry Redell mentioned thefollowing books and films:Liar's Poker: Rising Through the Wreckage on Wall Street by Michael LewisThe Intelligent Investor: The Definitive Book on Value Investing by Benjamin GrahamThe Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard MarksThe Black Swan: The Impact of the Highly Improbable by Nassim TalebAntifragile: Things that Gain from Disorder by Nassim TalebThe Big Short: Inside the Doomsday Machine by Michael LewisThe Big Short (2015)The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley andWilliam DankoContact:You can follow St. James Investment Company on their website, stjic.com. There, you can alsofind their regular newsletter on value investing.

Summary:Every week on Simple Talk, host Wayne McCullough talks with his guests about faith, family,friends, fitness, and finances. This week, guest Larry Redell takes a deep dive into the world ofpersonal finances and investments. He's the co-owner of St. James Investment Company whichhas been managing equity portfolios for individuals and institutions for two decades. He shareshis thoughts on how to be a smart investor and how to start early to build security for yourfuture.Discipline is more important than mindset, Redell says. You can go into investing with the rightframe of mind, but if you can't establish and sustain good practices, even the best of intentionscan go astray. After all, no one can predict the future. It's impossible to know what peaks orvalleys lay ahead, so it's critical to prepare ahead and be ready for those fluctuations when theycome. Being prepared and disciplined, even a first-time investor can build something great.This Week's Takeaways:-Discipline is more important than mindset-Partnerships grow through shared values and varied skills-There's a difference between speculating and investing-There are times to be bold and times to be cautious-Build an antifragile portfolioQuotes:“What money should give people, I would suggest, if things are healthy, it gives you a lot offlexibility, it gives you a lot of freedom, you know you're going to be able to take care of thoseyou love and those you care about.” -Larry Redell“If you get yourself in debt … that exponential trap can keep you really mired in a bad situation.It can cause a lot of strife and can affect the other areas of your life really adversely.” -LarryRedell“If you can be an investor and put away a little money, if you can compound that money and livebelow your means, to me, you don't need to hit home runs. You hit singles. That's the basis ofour strategy.” -Larry Redell“It's not as hard as everybody thinks. The average person could start with $10,000 and dosomething.” -Wayne McCullough“You don't sit there and try to predict the future. What you try to do is build an antifragile portfolioand economy because you don't know where this black swan is going to come from. You don'tknow what unintended consequences might unwind.” -Larry RedellMentions:On this week's episode, host Wayne McCullough and guest Larry Redell mentioned thefollowing books and films:Liar's Poker: Rising Through the Wreckage on Wall Street by Michael LewisThe Intelligent Investor: The Definitive Book on Value Investing by Benjamin GrahamThe Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard MarksThe Black Swan: The Impact of the Highly Improbable by Nassim TalebAntifragile: Things that Gain from Disorder by Nassim TalebThe Big Short: Inside the Doomsday Machine by Michael LewisThe Big Short (2015)The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley andWilliam DankoContact:You can follow St. James Investment Company on their website, stjic.com. There, you can alsofind their regular newsletter on value investing.

stdout.fm 27번째 에러 로그에서는 NDC, 뉴스레터, 해커스 크라우드 펀딩 등에 대해서 이야기를 나눴습니다. 참가자: @seapy, @nacyo_t, @raccoonyy NDC-NEXON DEVELOPERS CONFERENCE Brawl Stars × Supercell Supercell China’s Tencent buys ‘Clash of Clans’ maker Supercell for $8.6 billion - Reuters 카오스 멍키 - YES24 성남 게임월드 페스티벌 2018 G-STAR 2018 Model X | Tesla Tesla investigates Model S explosion in Shanghai - The Washington Post AWSonAir on Twitter: “New #AWSDeepRacer League high score … AWS re:Invent Alexa Skill Contest - Hackster.io 택시 호출도 로밍으로…’카카오T 재팬택시’ 출시 Uber - 지금 차량 서비스를 이용하거나 차량 운행으로 수익을 올리세요 타다 : TADA Morning Brew 뉴닉 Newneek | 밀레니얼을 위한 시사메일링 What we’re reading 퍼블리의 뉴스 서비스와 뉴스 생태계의 재구성 단독 - 싸이월드, 뉴스 선별 앱 ‘큐’ 서비스 잠정 중단 SmartNews 이진우의 손에 잡히는 경제 Daily DevBlog Ruby Weekly Cooperpress: Email Newsletters for Developers 예병일의 경제노트 - 연결된 우리, 따뜻한 세상 고도원의 아침편지 네이버, AI 기반 콘텐츠 큐레이션 서비스 ‘디스코’ 출시 Twitter Moves to ‘News’ Category in App Store to Boost Visibility - MacRumors 스넥(SNEK) - 나만의 투자 정보 Julian Assange: Wikileaks co-founder arrested in London - BBC News 세 번 절판하고 네 번째 hackers를 준비 하기 :: 텀블벅 INSIGHTBOOK on Twitter: “내심 한빛이 그냥 절판하길 바랐는데… ㅎㅎ” / Twitter 해커 그 광기와 비밀의 기록 - YES24 Amazon.com: Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor (9780887305108): Seth A. Klarman: Gateway Stack Overflow Developer Survey 2019 (일본어) 猫鳩柔工業 on Twitter: “슬랙이 다운되서 옆 사람이랑 커뮤니케이션할 수 없어요” / Twitter 알라딘: 리모트 - 사무실 따윈 필요 없어! The Joel Test: 12 Steps to Better Code – Joel on Software 알라딘: 메이크 스페이스 - 창의와 협력을 이끄는 공간 디자인 오피스 디자인 가이드 - 일잘러를 위한 오피스는 다르다 - PUBLY 벤젠 - 위키백과, 우리 모두의 백과사전

This week’s theme is the immutable principles of successful investing.  Successful investing for the long-term requires discipline and sticking to a set of unchanging principles, and today’s immutable, unchanging principle is don’t overpay. One of my favorite, timeless books on investing is The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. If you’re interested in becoming a better investor, it’s a must-read. I’ll link to the book in the show notes for this episode, which you can find it over on iTunes by searching for the One Minute Retirement Tip, Episode #95 - Don’t Overpay. >>> Buy the book on Amazon In his book, Howard Marks points out: “No asset is so good that it can’t become a bad investment if bought at too high a price.” In other words, don’t overpay. He goes on to say: In the short run, investing is more like a popularity contest. The most dangerous time to buy an investment is at the peak of its popularity. At that time, all the positive data and assumptions are reflected in the price. Everyone that is going to buy has already bought. The optimal time to buy an investment is when no one else wants it. At that point, all the negative data and assumptions are reflected in the price. Everyone that is going to sell has already sold. Buying at a price below the real worth of an investment is the most reliable approach to make an investment profit. This principle is applicable to individual stocks, but also to other investments, like mutual funds, ETFs, and especially, the stock market as a whole.  The time to add to stocks is when no one wants to own stocks. That’s the exact opposite of what most investors do. They get in and out of the stock market at precisely the wrong times, and it has a devastating impact on their long-term returns and their ability to reach their goals in retirement. So have the courage to run in the opposite direction of everyone else, and always remember: Don’t overpay. That’s it for today. Before you go, please leave a review and comment in Alexa or iTunes. Your feedback means a lot to me. And if there’s a retirement topic you want me to cover, let me know in your comments as well. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, investment principles, how to be a good investor, stock market, stock market investing, disciplined investing, timing investments, stock market downturn, recession, bear market, bull market, how to make money in the stock market, how to make money in stocks, buy low sell high, overvalued stock

Bloomberg Opinion columnist Barry Ritholtz interviews Howard Marks, the CFA and co-chairman of Oaktree Capital Management, in his third appearance on Masters in Business. An author as well as an investor, Marks most recently wrote “Mastering the Market Cycle: Getting the Odds on Your Side,” which was released this month. He also wrote 2011’s “The Most Important Thing: Uncommon Sense for the Thoughtful Investor.” 

Howard Marks (@howardmarksbook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. He is the author of the new book Mastering the Market Cycle: Getting the Odds on Your Side, and his previous book on investing, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, was a critically acclaimed bestseller. Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago.In this conversation, we discuss:How his firm was poised to capitalize on the bubble in 2008 and put massive amounts of capital to work.His thoughts on understanding market cycles for making better decisions.The three stages of a bull market.Newsletters he reads.Thoughts on Bitcoin and cryptocurrencies.Much, much more...Studying what Howard says transcends the world of investing—it's really a study in clearer thinking. I hope you enjoy and learn as much as I did!This episode is brought to you by Inktel. Ever since I wrote The 4-Hour Workweek, I've been frequently asked about how I choose to delegate tasks. At the root of many of my decisions is a simple question: "How can I invest money to improve my quality of life?" Or "how can I spend moderate money to save significant time?"Inktel is one of those investments. They are a turnkey solution for all of your customer care needs. Their team answers more than 1 million customer service requests each year. They can also interact with your customers across all platforms, including email, phone, social media, text, and chat.Inktel removes the logistics and headache of customer communication, allowing you to grow your business by focusing on your strengths. And as a listener of this podcast, you can get up to $10,000 off your start-up fees and costs waived by visiting inktel.com/tim. This podcast is also brought to you by Helix Sleep. I recently moved into a new home and needed new beds, and I purchased mattresses from Helix Sleep.It offers mattresses personalized to your preferences and sleeping style — without costing thousands of dollars. Visit Helixsleep.com/TIM and take the simple 2-3 minute sleep quiz to get started, and the team there will match you to a mattress you'll love.Its customer service makes all the difference. The mattress arrives within a week, and the shipping is completely free. You can try the mattress for 100 nights, and if you're not happy, they'll pick it up and offer a full refund. To personalize your sleep experience, visit Helixsleep.com/TIM and you'll receive up to $125 off your custom mattress.***If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Interested in sponsoring the podcast? Visit tim.blog/sponsor and fill out the form.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferriss

My guest this week is Ash Fontana, a managing partner at venture capital firm Zetta, who invests in companies which build software that uses artificial intelligence methods like machine learning to predict and prescribe outcomes. Ash’s combined experience as a founder, entrepreneur, and investor give him the perfect background to discuss with us one of the hottest topics in business and investing. This conversation is useful for anyone trying to evolve their own way of dealing with data. Of particular interest are the ways that Ash and his team evaluate data sets and how they think about competitive advantage in this new world—where he advocates a new term to replace the concept of moat: loops.  If we can use data to do things better than humans, or if we can supercharge our intuitions with predictive models, we can harness the power of this new technology. What Ash has taught me is that data itself is dumb. But great data sets can represent the fuel for incredible companies. Let’s dive into how that may be. Please enjoy this conversation on how AI is changing business, and how we might profit from that change.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced The Most Important Thing: Uncommon Sense for The Thoughtful Investor   Links Referenced Jerry Neumann Podcast Episode Ali Hamed Podcast Episode   Show Notes 2:25 - (First Question) – A look at their very specific investment strategy 3:35 – Future of competitive advantage in the SaaS industry 6:45 – How startups and new companies can compete against software giants that are pretty well entrenched in the market 8:38 – How do copies with narrow focuses attract VC money which is looking for massive returns 12:28 – The stages in which AI will be enabled 15:55 – Framework of an AI company 18:49 – Importance of the feedback in the AI company framework 20:56 – Examples of AI companies 23:50 – Why companies that are AI from the start will have a significant advantage in the space 26:21 – How do companies change their thinking about compiling useful data 32:18 – Regulation of AI 35:03 – Preventing other companies from leap frogging you in the AI space 37:57 – Some of his favorite AI companies 40:43 – How much has he seen in the finance world             41:07 – Jerry Neumann Podcast Episode 43:10 – Why the focus on B2B AI companies 45:34 – Major components of the enterprise stack that he focuses on for AI 49:30 – What impact will all of this AI have the daily lives of people 51:38 – Biggest problems that he is excited to see AI tacklet 53:04 – How do you value the intangible asset of an AI model 57:13 – How Ash thinks about getting other investors into firms they seeded 1::00:27 – Other investors that Ash really respects             1:01:15 – The Most Important Thing: Uncommon Sense for The Thoughtful Investor             1:03:29 – Ali Hamed Podcast Episode 1:04:04 – Where would Ash invest outside of AI 1:07:11 – More about his family nut business 1:11:18 – Favorite macadamia nut story 1:12:05 – Kindest thing anyone has done for Ash   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989.  With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California. Our conversation starts with Paul’s trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 2:54 – How Paul got started in the business 4:52 – Lessons learned in the early years of his career             5:56 – Common Stocks and Uncommon Profits and Other Writings             6:01 – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor             6:05 – The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel 7:49 – What works about growth stock investing 9:01 – What constitutes a great growth company 13:47 – Defining and measuring a company’s competitive advantage 17:50 – How does he assess a company’s culture             19:41 – The Culture Cycle: How to Shape the Unseen Force that Transforms Performance 20:26 – Questions that help assess company culture 21:57 – Any data to back up claims that companies with good cultures perform better over time 22:46 – Culture aligning with competitive advantage 24:30 – Looking at WCM’s moat and culture 31:23 – The landscape for active management 33:53 – Weathering tough periods for the firm 37:02 – How do they think about culture in other countries 39:01 – Why does growth stock investing work when the data shows otherwise 40:47 – What is he excited about in growth stocks 43:45 – Tailwinds at the sector level 45:10 – Downside protection in the portfolio 46:38 – Patterns of positive and negative allocator behavior 48:35 – How do they manage the change in the portfolio going from 200 million to 26 billion 49:53 – Closing questions

This week’s conversation is an ode to old school, fundamental public market investing. My conversation is with IMC’s Connor Leonard, who spends most waking hours thinking and reading about markets. His mandate is to invest purely as if it was his own money, with no pressure to hug a benchmark, and no pressure to do much of anything other than earn strong long-term returns. The portfolio that results from this approach is highly concentrated and unique. Connor’s strategy is to sort companies into four categories based on their type of sustainable competitive advantage. As you’ll hear, the vast majority fall into the first category, which means they don’t have such an advantage and therefore should be largely set aside. We spend the majority of our conversation talking about the other three categories: 1) companies with a legacy moat, 2) companies with a re-investment moat, and 3) an interesting category Connor calls “capital light compounders,” which we explore in detail. When you step back and think about public markets, you realize how amazing it is that we can, from afar, buy an interest in so many companies around the world. A select few go on to deliver outstanding returns. This conversation highlights how hard that can be, but also how fun and ultimately rewarding. Please enjoy my talk with Connor Leonard.                                                For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success        Links Referenced Pat Dorsey Podcast Episode David Tisch podcast    Will Thorndike Podcast episode   Show Notes 2:31 - (First Question) –   Trends in value investing             2:52 – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor 4:43 – A look at Connor’s backstory and the history of IMC, parent company of Golden Corral 8:01 – Why Connor loves the public markets so much   9:21 – The concept of intrinsic value when looking at companies 12:36 – How Connor categorizes MOATS             13:21 – Pat Dorsey Podcast Episode 14:27 – Legacy MOATS 16:11 – Reinvestment MOATS 17:58 – Capital light compounder MOAT 20:00 – Why classifieds are an interesting business model 25:12 – Looking at platform businesses 26:56 – Looking at companies in the 500 million to 5 billion range and what makes it so enticing 30:34 – What is the process that gets Connor to find investment opportunities             35:53 – David Tisch podcast   36:15 – How Connor looks at industry classifications 41:30 – Connor’s strategy for running his portfolio 46:36 – The circumstances in which Conno would buy a legacy MOAT company             46:49 – Will Thorndike Podcast episode             46:51 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success     49:21 – How do you pick managers that will beat the markets 52:21 – Second reason to buy a legacy MOAT 54:48 – Comparing the reinvestment MOAT and Capital A compounder in Connor’s portfolio 58:16 – Connor’s Mt Rushmore of Capital Allocators 1:00:03 – Impactful mentorships for Connor 1:01:52 – kindest thing anyone has done for Connor 103:04 – What in the discussion with founder of IMC got him the job   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

Author Background: Howard Marks is an American investor and writer.  After working in senior positions at Citibank early in his career, Marks joined TCW in 1985 and created and led the High Yield, Convertible Securities and Distressed Debt groups.  In 1995, he left TCW and co-founded Oaktree Capital Management.  In the 2011 Forbes rankings of the wealthiest Americans, Marks was ranked the #273 richest in the United States, with a net worth of $1.5 billion. He is known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: Uncommon Sense for the Thoughtful Investor.