Introduction: A Timely Reminder from Howard Marks As Treasurer Jim Chalmers seeks to modernise the Reserve Bank of Australia (RBA) with one of the most substantial reforms in decades, Howard Marks’ latest memo serves as a reminder of the dangers of interventionist...
Second Level Thinking
Sentiment-Driven Investing: Are You Riding the Vibe or Valuing the Future?
Market sentiment is a powerful force that often drives fluctuations in stock prices and market volatility, sometimes overshadowing the actual business fundamentals. While sentiment can be a useful gauge of market mood, relying on it to make investment decisions...
The Power of Second-Level Thinking: Beyond the Obvious in Investing
In the world of investing, the difference between success and mediocrity often boils down to how deeply one thinks about opportunities and risks. Howard Marks, co-founder of Oaktree Capital Management, is renowned for his deep insights into market behavior, and one of...
Second-Level Thinking: Benefiting from the Rebound of ASX Retail Stocks
The Australian consumer has navigated a complex landscape over the past 12-18 months. Grappling with the repercussions of a post-pandemic surge in inflation, the Reserve Bank of Australia has raised interest rates 13 times since May 2022 with the current cash rate...
Investment Wisdom: Buying Well
On a Behind The Memo podcast last year, renowned value investor Howard Marks stated that: “What I learned from my first 10 years of experience is that good investing doesn’t come from buying good things but from buying things well. The difference is more than...
Second-Level Thinking and US Homebuilders
The Standard & Poor’s Homebuilders exchange-traded fund (ETF), XHB, has increased by more than 30% in 2023 and 40% over the last 12 months. A number of homebuilder stocks such as PulteGroup (NYSE: PHM) and renowned value investor David Einhorn’s Green Brick...