Aswath Damodaran: Globalization Backlash
April 1, 2025
In his recent article, NYU professor Aswath Damodaran shares his thoughts on how politics, globalization, and disruption has changed the investing landscape.
Howard Marks: Parallels between chess and investing
-
By Borsgade
- - Published
In this interview, Howard Marks from Oaktree, is joined by Oaktree co-founder Bruce Karsh and chess Grandmaster, Maurice Ashley. Maurice is the author of Move by Move: Life Lessons on and off the Chessboard
In a wide-ranging conversation, they discuss Howard’s recent memo The Indispensability of Risk as well as the inspiration for that memo: Maurice’s Wall Street Journal article, Chess Teaches the Power of Sacrifice. They discuss the many parallels between chess and investing, including the lesson that not taking enough risk may be one of the riskiest strategies of all.
Here are some of the key topics discussed:
- Sacrifice and Risk: In both chess and investing, sacrifices (or risks) are necessary for potential gains. Playing too safely can lead to missed opportunities.
- Decision Quality: Good decisions should be judged by their reasoning, not just outcomes, due to inherent uncertainties.
- Psychological Traits: Successful risk-taking requires boldness, intuition, and the ability to go against the crowd.
- Lessons from Chess: Chess teaches patience, focus, and strategic thinking, which are valuable in investing.
The discussion emphasizes that the process of taking risks and making sacrifices is as valuable as the outcomes.
Share the news
Disclaimer of liability
The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk
You might also find this interesting:
Bill Nygren: A Modern Approach To Value Investing
March 28, 2025
In this interview, Bill Nygren reflects on his career mistakes and lessons learned. These insights highlight the importance of balancing conviction with caution in investing and the need for value investors to adapt their strategies to include companies with significant intangible assets.
Howard Marks: Value matters more than quality
March 28, 2025
In this interview, Howard Marks shares his investment philosophy and lessons learned over his 55-year career, including contrarian investing, value versus quality and the inevitable market cycles.
Mohnish Pabrai: The Boom-Bust Mental Model
March 28, 2025
In this interview at the 2025 MOI Global, Mohnish Pabrai shares insights on his investment philosophy and current market perspectives. The conversation covers various industries and investment approaches, with particular focus on cyclical businesses and special situations.