Just wanted to share this discussion between two of the most brilliant thinkers in financial writing: Howard Marks & Morgan Housel
Theme is how to stay in it for the long term, and how to think about the risk/reward of the judicious usage of debt
https://www.youtube.com/watch?v=Ea3shooJW0oHighlights for me were:
- Buffett, Munger & Guerin
- The
probability certainty of at least one cataclysmic downturn that you have to survive if you invest long enough
- Maximizing Vs Optimizing
- The importance of a solid capital structure when investing in volatile assets
- The cyclicality of markets; good times sow the seeds of fragility, while difficult times sow the seeds of better days ahead
- The irony of using history too precisely as a guide to the future
If you are familiar with their work and their writings then there won't be anything particularly new, but I could just listen to these two going back and forth all day.
