MI Rewind: Alphabet Stock Deep Dive w/ Rihard Jarc

Clay Finck chats with Rihard Jarc to do a deep dive on Alphabet’s stock, better known as Google. We cover what Alphabet’s main sources of revenue are, why Google search is such a valuable resource for advertisers to acquire new customers, what is included in Alphabet’s ‘other bets’ line of business, where Alphabet sits in the AI industry, potential risks for Alphabet, why Rihard is bullish on AirBnB, and much more! Rihard Jarc is the Chief Investment Officer of New Era Funds and runs an investment newsletter called Uncover Alpha.  IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:04 - What Alphabet’s main sources of revenue are. 06:39 - Why Google is such a valuable resource for advertisers to acquire new customers. 15:55 - What is included in Alphabet’s ‘other bets’ line of business? 18:21 - How Rihard projects revenue for Alphabet going into the future. 24:01 - Where Alphabet sits in the AI industry. 27:00 - Whether Alphabet’s cash pile is excessive or not. 34:38 - Potential risks investing in Alphabet. 40:46 - Why Rihard is bullish on AirBnB. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Related episode: Listen to MI165: Is FAANG The New Value? w/ John Huber, or watch the video. Related episode: Listen to MI124: Is Amazon a Value Stock? w/ Jason Moser, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down two of the greatest bear market bottoms in stock market history which left stocks incredibly undervalued, as outlined by Russell Napier’s book The Anatomy of the Bear. You’ll learn why it’s important to study financial history, what bear markets have in common, how the bear market of 1921 differed from 1932, how the financial system has evolved over the last century, which factors really caused the Stock Market Crash of 1929 and the Great Depression, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:31 - Why it’s important to study financial history 03:53 - What similarities and differences there are between major bear markets 08:51 - Why the Federal Reserve was first founded and how its role evolved 10:22 - What types of stocks led the stock market across the 1910s and 1920s 11:56 - What circumstances led up to the great bottom of 1921 and how you could have identified the bottom 38:44 - Why the economy boomed in the 1920s 47:17 - What sparked the Stock Market Crash of 1929 55:40 - How a stock market selloff turned into an economic depression *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Russell Napier's book, The Anatomy of the Bear. The Library of Mistakes website. Russell Napier’s newsletter. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Clay Finck chats with Trey Lockerbie about how his investment strategy has changed with the everchanging macro landscape, how he analyzes the opportunity cost between individual stocks, what asset classes he invests in, how he became the host of TIP’s flagship show, We Study Billionaires, how his kombucha company was able to get stocked at Target and Costco, how being an investor has made Trey a better businessman, and a whole lot more! Trey Lockerbie is the co-founder and CEO of Better Booch, and previously the co-host of The Investor’s Podcast’s flagship show, We Study Billionaires. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:50 - How Trey’s investment strategy has changed with the everchanging macro landscape. 04:30 - How he analyzes the opportunity cost between two different individual stocks. 04:30 - What asset classes he invests in. 34:21 - What he'll be eyeing in the months ahead. 36:37 - How Trey became the host of We Study Billionaires. 51:48 - How his company was able to get stocked at Target and Costco. 53:53 - How being an investor has made Trey a better businessman. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Trey’s company, Better Booch. Related episode: MI161: Building a Balanced Portfolio w/ Dan Rasmussen. Related episode: MI135: Bitcoin is for Millennials w/ Preston Pysh. Related episode: MI127: Life as a Podcast Host, Investing in FinTech, and Buying Rental Properties w/ Robert Leonard. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the rollercoaster ride of Bill Ackman’s career, who is one of the most famous investors alive. You’ll learn about how Ackman’s career got its start, why his biggest successes were so brilliant, why his biggest losses were so painful, what his current portfolio looks like, why his company is looking to IPO, and what sparked his decade-plus feud with billionaire Carl Icahn, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:24 - How Bill Ackman’s career got its start 03:56 - What started the feud between Bill Ackman and Carl Icahn 08:38 - Why Ackman’s first hedge fund, Gotham Partners, failed 15:54 - How Ackman was able to foresee MBIA’s collapse and the 2008 Financial Crisis 19:39 - Why Ackman wanted Wendy’s to spin off Tim Horton’s 22:01 - How Ackman made one of the greatest hedge fund trades ever  30:14 - Why Ackman’s campaign against Herbalife was a financial fiasco but not necessarily wrong 31:36 - What Ackman got incorrect about Valeant Pharmaceuticals 44:37 - What Ackman’s portfolio looks like today and his latest ventures And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Bill Ackman’s question at the 1998 Berkshire shareholder meeting. 2003 NYT article on Gotham Partners. Highlights from the Bill Ackman and Carl Icahn debate over Herbalife. Christine Richard's book, Confidence Game. Bill Ackman’s research on MBIA. Bill Ackman’s letter to Wendy’s CEO in 2005. Check out Betting On Zero — Herbalife movie. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Clay Finck chats with Alexander Morris about the initial things Alex looks at when analyzing a company, why paying up for quality companies is acceptable for long-term investors, how ROIC plays a role in Alex’s investment decisions, why Alex recently added Spotify to his portfolio, how Alex thinks about Spotify’s valuation and their path to profitability, and much more! Alexander Morris provides high-quality equity research with deep dive company analysis and complete portfolio transparency through his newsletter, The Science of Hitting. Prior to working on his newsletter full-time, Alex was an analyst for an RIA for 10 years. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 03:00 - The initial things Alex looks at when analyzing a company. 08:37 - Why paying up for quality companies is acceptable for long-term investors. 11:33 - How ROIC plays a role in Alex’s investment decisions. 13:58 - What the objective of Alex’s portfolio is. 32:37 - Why Alex recently added Spotify to his portfolio. 35:59 - How Alex thinks about Spotify’s valuation and their path to profitability. 44:38 - The mistakes that Alex has learned over the years. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out Alex’s Newsletter. Read Sven Carlsson’s book, The Spotify Play. Read Peter Lynch’s book, One Up on Wall Street. Read Peter Lynch’s book, Beating the Street. Read Berkshire’s shareholder letters. Related episode: Listen to MI149: Peter Lynch & GARP Investing w/ Robert Reynolds, or watch the video. Related episode: Listen to MI131: Richer, Wiser, Happier w/ William Green, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down different investors’ approaches to finding the best of the best companies to own. It’s a strategy known as Quality Investing, and it differs from value investing because quality investors are more focused on finding companies to own forever, as opposed to selling them if they rise above their current intrinsic value. You’ll learn how definitions of quality vary, how quality investing is still rooted in value investing, what the patterns and building blocks of high-quality companies are, why pricing power is a great way to identify quality businesses, how Chuck Akre approaches quality investing, what Jim Collins’ research on enduringly great companies reveals, and how Chris Mayer finds stocks with 100-to-1 returns—plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:15 - How Quality Investing traces back to Ben Graham 03:10 - What quality investing is generally, and how it differ from other strategies 03:32 - What are the patterns and building blocks of quality businesses 07:51 - Why pricing power is so important to quality stocks 12:37 - How Chuck Akre’s three-legged stool approach to quality investing works 22:12 - What Jim Collins’ intensive study of enduringly great companies reveals for investors  29:57 - How Chris Mayer finds stocks that generate 100-to-1 returns 32:46 - How to define and determine whether a company has a winning corporate culture  41:55 - Why quality investing is really an art form And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Compounding Quality’s Investing Philosophy. Three-Legged Stool Masterclass. Chris Mayer’s blog Jim Collins' book, Built to Last. Thomas Peters' book, In Search of Excellence. Michael Porter's book, Competitive Advantage. Lawrence Cunningham's book, Quality Investing. Thomas Phelps' book, 100 to 1 in the Stock Market. Jim Collins' book, Good to Great. Chris Mayer's book, 100 Baggers. Long Equity's book, The Intelligent Quality Investor. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Clay Finck chats with John Huber about the edge retail investors can have to beat the market, how watching sports has helped John become a better investors, what to look for in a company to determine it if has a strong moat and competitive advantage, John’s thought’s on portfolio allocation and selling winners, the three factors that go into a stock’s overall return, what led John to recently making Amazon his biggest position in his portfolio, and much more! John Huber is the Managing Partner of Saber Capital Management, LLC. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 06:57 - How retail investors can have an edge over other investors in the market. 10:08 - How watching sports has helped John become a better investor. 16:04 - What to look for in a company to determine if it has a strong moat and competitive advantage. 27:16 - John’s thoughts on portfolio allocation and selling winners.  31:52 - The three factors that go into a stock’s overall investment return. 42:50 - What led John to recently making Amazon his biggest position in his portfolio. 56:05 - Whether John considers the company’s impact on society when forming his investment thesis. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out John’s fund and research, Saber Capital Management. Related episode: Listen to MI125: Investing Like Warren Buffett w/ Jake Taylor, or watch the video. Related episode: Listen to MI159: The Science of Hitting w/ Alexander Morris, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the life and career of the great Bill Miller, the only investor to ever beat the market for 15 consecutive years. You’ll learn how Miller invested in his first stock, Miller’s investment approach and how it differs from classical value investors, what Miller recognized as an early investor in Amazon, why he’s bullish on Bitcoin, how Miller bounced back from the 2008 Financial Crisis, how philosophy shaped his performance as an investor, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 00:08 - How Miller got his start as an investor 03:27 - How philosophy shaped Miller’s investment approach 05:26 - What is different about how Miller thinks about value investing 08:52 - What Miller recognized about Amazon before Wall Street 10:07 - Why most investors don’t have enough factor diversification 11:22 - What Miller learned from Peter Lynch 17:36 - How the cost of capital impacts companies’ ability to create shareholder value 20:57 - What went wrong for Miller during the Financial Crisis 24:09 - Why Miller decided to go solo and leave Legg Mason 31:02 - Why Miller and his son are bullish on Bitcoin 35:07 - Why Miller is usually worried about nothing in markets *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. R.J. Shook's book, The Winner’s Circle. Peter Lynch's book, One Up On Wall Street. William Green's book, Richer, Wiser, Happer. Check out The Value Investor’s Case for Bitcoin. Check out Why I’m Still Betting on Bitcoin. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Robert Leonard chats with Grant Norwood about the oil and gas industry, and why investors should consider this potentially lucrative space. Grant is the president of Norwood Energy Corporation, a Texas-based oil and gas exploration company.  IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:18 - The current state of the oil and gas industry.  04:16 - Why you should consider investing in oil and gas companies.  10:12 - What is the difference between passive investing and buying stock in this industry?  17:45 - Which types of investors should consider this strategy?  22:04 - About current oil prices. And much, much more!  *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Rick Ferri’s book The Power of Passive Investing. Taylor Larimore’s book The Bogleheads’ Guide to the Three-Fund Portfolio. Joel Greenblatt’s book The Little Book That Still Beats the Market. Guy Spier’s book The Education of a Value Investor. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down 30 years’ worth of memos from one of Wall Street’s most storied investors: Howard Marks. You’ll learn how Marks’s thinking about beating the market evolved over the course of his career, what it was like going through the 2008 Financial Crisis as a professional investor, the 5 market calls that Marks is most proud of, avoiding the cardinal sin of investing, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:38 - Why steady, slightly above-average returns drive the best long-term returns 05:28 - How to find a balance between finding fewer losers and more winners 07:36 - How to intelligently bear risk for profit 13:48 - Why nobody knows what will happen next in a crisis 14:40 - Why booms and busts are inevitable 22:44 - When Marks realized the dot com bubble was going to pop 24:08 - How low interest rates drive investors to take risks 27:33 - Why beliefs about the housing market were wrong 30:45 - How Marks’s firm responded to the Great Financial Crisis 36:02 - How Marks understood when to start buying stocks again after the 2008 crash 37:59 - When Marks knew bargains were being offered in March 2020 39:37 - How to avoid the cardinal sin of investing And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. 2023 Memo: Taking The Temperature. 2023 Memo: Fewer Winners Or Losers? 2012 Memo: Deja Vu All Over Again. 2008 Memo: The Limits To Negativism. 2008 Memo: Nobody Knows. 2007 Memo: It’s All Good. 2005 Memo: Three They Go Again. 2004 Memo: Risk And Return Today. 2000 Memo: Bubble.com. 1990 Memo: The Route To Performance. Benjamin Graham and David Dodd's book Security Analysis. Jesse Livermore's book How To Trade In Stocks. Edward Chancellor's book Devil Takes The Hindmost. Howard Marks' book Mastering The Market Cycle. Howard Marks' book The Most Important Thing. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Fundrise Found Public Facet NetSuite Connect with Shawn: Twitter | LinkedIn | Email Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm