Step One to Becoming a Better Investor

Read Howard Marks. [Read Online]( [Global Macro Update] [Global Macro Update] Step One to Becoming a Better Investor By Ed D'Agostino | July 12, 2024 [Ed D'Agostino] In seasoned investment circles, nearly everyone reads the memos from Howard Marks, the co-chairman of Oaktree Capital Management, which he’s been writing for his clients since 1990. The most widely read of these memos, “Something of Value,” is foundational reading for anyone serious, or anyone who wants to get serious, about investing. “Something of Value” grew out of discussions between Howard and his son, Andrew, while they lived together during the early days of the pandemic. Andrew, a cofounder and partner at venture capital firm TQ Ventures, is successful in his own right. But as a growth-oriented tech investor, many would consider him the polar opposite of Howard, a noted value investor with a focus on alternative investments. In his memo, Howard calls this a false dichotomy. He writes that value and growth “should never have been viewed as mutually exclusive to begin with.” And he argues that successful investing ultimately comes down to superior judgment. [ShareÂ]( Today, we are doing something a little different. Instead of sharing one of my personal interviews, I am passing along a must-watch interview with Howard and Andrew, where they discuss “Something of Value” in greater detail. Howard, who also spoke at our latest Strategic Investment Conference, stresses the importance of open-mindedness and of continuing to evolve your thinking over time. He also looks critically at his own biases as an investor, which is something we all need to be able (and willing) to do. Watch the interview with Howard and Andrew [here](. You can also read the full “Something of Value” memo [here](. We’ll return with a new Global Macro Update interview next week with Dmitri Alperovitch, founder of CrowdStrike and co-author of World on the Brink: How America Can Beat China in the Race for the 21st Century. [ShareÂ]( Thanks for reading. [Ed D'Agostino] [Ed D'Agostino] Ed D'Agostino Publisher & COO Mauldin Economics Don't let friends miss this timely insight— share it with your network now. Share Your Thoughts on This Article [Post a Comment]( Keep up with Mauldin Economics on the go. Download the App [Get it on Google Play]( [Download on the App Store]( [ Did someone forward this letter to you? [Click here to get]( Global Macro Update in your inbox every Friday. [Read important disclosures here.]( YOUR USE OF THESE MATERIALS IS SUBJECT TO THE TERMS OF THESE DISCLOSURES. --------------------------------------------------------------- This email was sent as part of your subscription to Global Macro Update. [To update your email preferences click here.]( Mauldin Economics | 1417 Sadler Road, PMB 415 | Fernandina Beach, FL 32034 Copyright © 2024 Mauldin Economics. All Rights Reserved.