[The Weekend Bulletin] #122: (Howard Marks)^2 + (Kuntal Shah x Vishal Khandelwal)
A digest of some interesting reading material from around the world-wide-web. Your weekly dose of multi-disciplinary reading.
Three things that saw/heard/read this week that totally deserve your undivided attention. So I have dropped the other sections/links and posting only these for this weekend.
First up is this talk recent talk by Howard Marks on Risk in Investing. This is a subject on which he has written three memos [Risk (2009), Risk Revisited (2014), Risk Revisited Again (2015)] which he recounts here, and elaborates further on:
Next up is the latest episode of The One Percent Show where Vishal Khandelwal interviews Kuntal Shah. Kuntal bhai unpacks so much wisdom in this single episode, leaning on his extensive reading and deliberations. He also shares a long list of book recommendations all through the episode. Great listen, and a wonderful start of the interview with the twelve equations:
Lastly is the newest memo from Howard Marks where he discusses some of the classical behavioral patterns/themes that can be observed across overtly bullish markets (or bubbles). This memo, like many of his others (including the ones on risk linked above), should be read at regular intervals.
Quotable Quotes
"People who haven't spent much time watching markets may believe that asset prices are all about fundamentals, but that's certainly not so. The price of an asset is based on fundamentals and how people view those fundamentals. So the change in an asset price is based on a change in fundamentals and/or a change in how people view those fundamentals."
- Howard Marks
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That's it for this weekend folks.
Have a wonderful week ahead!!
- Tejas Gutka
[May 28, 2022]
Very thoughtful novel alteration.