seriously ... patience, rationality..... is most important. what this is! a lesson on Karl Marx critique of capitalism.

Low grade bonds were high grade bonds that had gotten into trouble, fallen angels.. Mr. Marks went from losing a-lot of money in the best bonds in America to making alot of money in the worse bonds.. Good investing comes from buying things well not from buying good things. It’s not what you buy it’s what you pay.. epiphany is to take risk if you are adequately compensated. Mr. Marks would say he is a value investor as opposed to growth investor but he has learned to be more opened minded.. Mistake to only invest in things you thing will not change. Mr. Marks known for pattern recognition. Current industry is hard to read right now. 20% of the time things are different, now days it is much more than 20%.. People who had portfolio insurance lost alot of money. What principles would you live by if you were starting over? Do the things that fit your personality and your values. . Marks regrets that he did not buy Amazon or Apple back in the day. He has been successful in the past for blowing the whistle when it came to situations that were too good to be true, but his son helped him realize that he had made that a way of life and he wishes he had been more open minded earlier in his career. In the end superior investing comes down to superior insight. You have to have a feel, sounds wishy washy but it is hard to base great decisions on quantitive analysis.. Warren Buffet has the feels for things that would take off. He read moody’s financials huge publication back in the day, very few had the patience for that. Efficient market hypothesis, very hard to find unique information. Most people in the herd become more and more excited when market is going good and will buy and sell when the market goes down. Opposite of what you should do. When other people are unafraid we should be terrified, when others are in terror that is when you should buy. Good investors are unemotional, but need to reach conclusions that are not all analytical based. If we buy and the world melts down it doesn’t matter, but if we don’t buy and the world melts down we didn’t do our job. Must have intuition and faith that things will get better. Blow the whistle when things are too good to be true and blow the whistle when things are too worse to be true. When we have a sense of the excesses in the market, too good or too bad and use analytical analysis to make good decisions. Life gets harder when you have to give up on things ever being different or when you can’t live by a formula or a rule..

Great interview. He did most of the talking, and spoke eloquently and at length. A great interviewer is one who knows enough to let the guest explain himself. Which you did.

I am halfway through reading his book. I think it is a very well thought out strategy, and he articulates it on this podcast very well. Rhymes very well with what Chris Mayers said.

One suggestion, please add this episode to the podcast channel now on KZbin Music, I start listening all episodes from the beginning on a couple of @TheInvestorsPodcastNetwork and i have to come all the way hero to find this episode... Again, thanks for the great content

A very interesting and educated interview, it is refreshing to think about cryptocurrencies and especially Bitcoin from a pure monetary perspective, without falling into the blockchain rabbit hole. 👏👏👏👏👏👏

Create a pool of money that others play with.

and lose all your compound growth.....

Thank you sir

You are wrong.... crypto is just a ponzi scheme and when it goes it won't recover

This was amazing. Thanks

This is the first time I've been able to put a face to the name. Very impressed with how he articulated his philosophy. Hope he doesn't go private. Could be a great wealth builder for many everyday people. I wonder if his philosophy could be applied to other businesses as well...

Lost me at esg. One volcano eruption put out more gases than humankind does in a year.

Thank you for this content

I really like the way Brett thinks.

Sadly , the 1950s , 1960s in the USA excluded African Americans in this " so called togetherness "

How does it solve any problems most businesses face?

By YouSum Live 00:01:43 Investing in great businesses at attractive valuations. 00:02:13 Criteria for selecting investments: understanding, durability, industry structure. 00:16:36 Importance of durable cash flows in investment decisions. 00:17:22 Stock price volatility vs. underlying business value. 00:19:33 Focus on understanding great businesses for long-term gains. 00:20:16 Deep research process for investment decisions. 00:21:01 Immersive investigative journalism approach to understand businesses deeply. 00:22:26 Importance of management credibility and transparency in decision-making. 00:23:02 Projection of operational and financial outcomes for long-term investment. 00:23:31 Continuous learning and adjustment post-stock purchase for optimal returns. 00:29:15 Patient capital as a competitive edge for long-term investment success. 00:34:29 Psychological biases in maintaining or reducing exposure to successful investments. 00:35:20 Constantly challenging assumptions and seeking disconfirming evidence in investing. 00:40:12 Selecting trustworthy asset managers aligned with concentrated value investing principles. 00:41:39 Psychology and expectations drive investment decisions. 00:42:16 Buying high and selling low magnifies stock market volatility. 00:43:08 Individual investors should minimize changes and ride through stresses. 00:43:28 Diversifying with index funds reduces volatility and fees. 00:43:46 Concentrated value investing can potentially beat the market. 00:44:01 Evaluating long-term performance and alignment with managers is crucial. 00:47:05 Misaligned incentives can be reduced by owning index funds. 00:47:42 Fund managers should align interests by charging fees based on performance. 00:54:28 Optimal fund size for asset managers balances research and returns. 00:57:50 Skillset evaluation of fund managers should consider portfolio size. 01:00:46 Businesses thriving in inflation raise prices faster than costs. 01:01:01 Infrastructure ownership is advantageous during inflationary periods. 01:01:26 Importance of established infrastructure for business resilience. 01:02:37 Pricing power and market dominance in specialized industries. 01:03:23 Strategic advantage of owning essential, high-margin components. 01:03:54 Software duopolies shaping entire industry operations. 01:06:49 Balancing cash reserves for market opportunities and downturns. 01:11:19 Defining cash safety with money market funds and treasuries. 01:12:24 Evaluating cash holdings amidst inflation and investment prospects. 01:13:01 Continuous search for high-return investments to optimize cash. By YouSum Live

Why are people in reinsurance so cheap?