Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide.

His investment philosophy in 6 simple points 1. Risk control

It's easy to make money in the market. That's especially true in the good years, and most years are good.

The challenge, the real skill is to make money with the risk under control so that if it turns out to be a bad year instead you won't do too badly.

"The Psychology of Money" uncovers the ways our brains play tricks on us with money, showing how we're all just one impulse buy away from financial chaos.

6 things I learned from Chapter 3 1/

Crime committed by those who are desperate is understandable, but crime committed by those who already have everything is a mystery.

Sadly, Jim Simon Passed Away Today.

He is considered the most successful hedge fund manager of all time.

Using mathematics he changed the world of securities trading.

This is his story:

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As a child, Simons’ family doctor suggested he pursue a career in medicine.

But Simons’ path was always on the road to mathematics.

He insisted on becoming a mathematician.

Despite not actually knowing what mathematicians did.

David Tepper Made a 120% Return After the 2008 SMC

A master contrarian thinker specializing in distressed debt.

With a net worth of over $20 billion.

His top 20 investing principles:

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“There is a time to make money and a time to not lose money.”

David Tepper’s Fund Manages $14 Billion in Assets

With a portfolio gain of 201.56% since 2013.

And annual returns of 25% between 1993 and 2019.

His top 10 holdings:

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$META - Meta Platforms

% of portfolio: 11.57%

Owns & operates operates Facebook, Instagram, Threads, and WhatsApp.

P/E: 31.6
P/B: 8.1
Debt/Equity: 0.2
ROIC: 23%
GM: 80.8%

Todd Combs Reads 12 Hours a Day Working For Warren Buffett

He’s inspired by Buffett’s tip to read 500 pages a day.

Reading has helped hone his skills as CEO of GEICO.

His top 5 book recommendations:

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Killers of the Flower Moon: The Osage Murders and the Birth of the FBI

By David Grann

“This book is one of the best books I’ve ever read. It’s… I couldn’t put it down.” - Todd Combs

amazon.com/Killers-Flower…

Todd Combs Oversees Over $34 Billion of Berkshire Hathaway Investments

His own fund grew to more than $400 million.

A Warren Buffet protege.

His top 20 investing principles:

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“In investing and in life for that matter, you can’t choose outcomes, but you can choose the decisions that may get you the outcomes you want.”

Cathie Wood is the Warren Buffett of the Digital Age

She’s one of the most disruptive investors on Wall Street.

A star stock-picker & champion of disruptive innovation.

Her top 20 investing principles:

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“If you want great things to happen in your career, think big… Focus on the future. Double-down on innovation.”

Peter Thiel is Known as the “Don of the PayPal Mafia”

He has a net worth of $7.1 billion.

Facebook wouldn’t be here without him.

His top 20 investing principles: 1/

“The best projects are likely to be overlooked, not trumpeted by a crowd; the best problems to work on are often the ones nobody else even tries to solve.”

Bill Ackman’s Pershing Square is Worth $18 Billion in Assets Under Management

As of 2024, his net worth is approximately $4.2 billion.

His concentrated portfolio consists of just 7 stocks.

Let's break them down:

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$GOOGL - Alphabet

% of portfolio: 18.56%

One of the world’s most valuable companies, it is the parent company of Google and several former Google subsidiaries.

P/E: 23.8
P/B: 6.2
Debt/Equity: 0.1
ROIC: 18.9%
GM: 55.6%

Jim Simons is the Most Successful Hedge Fund Manager of All Time

With a net worth of $30.7 billion.

The creator of the Medallion Fund.

His top 20 investing principles:

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“Success in investing is not about being right all the time. It’s about minimizing losses and maximizing gains.”

His $10 Billion Fund Has the Best Track Record on Wall Street

Considered the world’s greatest investor.

The most successful hedge fund manager of all time.

This is the story of Jim Simons:

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As a young child, Simons’ family doctor suggested he pursue a career in medicine.

But Simons’ path was always on the road to mathematics.

He insisted on becoming a mathematician or a scientist.

Despite not actually knowing what mathematicians did.

Ackman Achieved A 373% Return 2004-2010

And a 58% return in 2019!

He now manages over $8.7 billion.

He makes his Analysts read these 11 books:

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Margin of Safety

By Seth A. Klarman

Risk-Averse Value Investing Strategies for the Thoughtful Investor

amazon.com.au/Margin-Safety-…

John Bogle Created the World’s First Index Fund

He founded the Vanguard Group.

The largest provider of mutual funds.

His top 20 investment principles:

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“When there are multiple solutions to a problem, choose the simplest one.”

John Bogle Turned Vanguard Into an $8.2 Trillion Investment Firm

His investing style is defined by simplicity & common sense.

He wrote the best seller “The Little Book of Common Sense Investing”.

My 10 key takeaways:

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Index Funds Outperform:

Don’t be seduced by the illusion of superior performance.

Opt for low-cost, passive index funds.

Passive investing is key to building wealth steadily & securely.

A Net Worth of $205 Billion

He’s one of the richest people in the world

Steward of SpaceX, Tesla, & Twitter

The story of Elon Musk:

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Born in Pretoria, South Africa’s capital.

He showed an interest in reading at a young age.

He would read science fiction novels for up to 10 hours a day.

This clearly shaped his future.

The $1 Trillion Company That is

Building a world powered by solar energy

Running on batteries

And transported by electric vehicles.

The story of Tesla $TSLA:

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Tesla was founded in 2003, by American entrepreneurs Martin Eberhard & Marc Tarpenning,

And named after famed physicist Nikola Tesla, a pioneer in electricity.

Personally Taught By Benjamin Graham

Achieved a compounded return of 15% for over 40 years.

Warren Buffett praised him as one of the Superinvestors of Graham-and-Doddsville.

This is the story of Walter Schloss:

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Born in August 1916, Walter Schloss first learned about earning and saving from his father.

His father’s radio factory warehouse burned down before a single unit was sold.

He also learned from his mother, who lost her family inheritance in the 1929 market crash.

Stanley Druckenmiller: A Flexible Investor With a Macroeconomic Approach

Made $1 billion breaking the Bank of England.

His investment strategies are detailed in the book “The Almanack of Stanley Druckenmiller”

My 10 key takeaways:

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Focus On Big Asymmetric Opportunities:

Don’t seek out small incremental gains to slowly build wealth over time.

It’s more advantageous to look for rare opportunities that have the potential to deliver substantial returns.

A Forex Genius Who Made $1 Billion Devaluing The British Pound

Earned a return of 30% per annum.

A net worth of $6 billion.

Stanley Druckenmiller’s top 20 investing principles:

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“I believe that good investors are successful not because of their IQ, but because they have n investing discipline.”

From 1986 to 2010, He Achieved 30% Annual Returns

Never had a money-losing year.

Broke the Bank of England and made over $1 billion.

This is the story of Stanley Druckenmiller:

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Stanley Druckenmiller grew up in a middle-class household in Philadelphia.

He received a BA in English and economics from Bowdoin College in 1975.

Though he pursued a PhD in economics at the University of Michigan, he dropped out of the program in his second semester.