Episode · My First Million · 2025-08-25
Books mentioned on Howard Marks: 79 Years of Investing Wisdom in 55 Minutes
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Howard Marks recommended A Short History of Financial Euphoria by John Kenneth Galbraith, and discussed Devil Take the Hindmost by Edward Chancellor and Winning the Loser's Game, 6th Edition: Timeless Strategies for Successful Investing by Charles Ellis.
Books mentioned, in the order they came up
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Devil Take the Hindmost
Devil Take the Hindmost by Edward Chancellor is a comprehensive historical examination of financial speculation, market bubbles, and historic panics.
Discussed“Uh in in the fall of '99, I read a book called Devil Take the Hindmost.”
Where to get it
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A Short History of Financial Euphoria
A Short History of Financial Euphoria by John Kenneth Galbraith examines the recurring patterns of financial manias, speculative bubbles, and inevitable market crashes throughout economic history.
Recommended“One of the greatest books I ever read was before that John Kenneth Galbraith's book called A Short History of Financial Euphoria.”
Where to get it
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Winning the Loser's Game, 6th Edition: Timeless Strategies for Successful Investing
Discussed“And then, you know, back in back in '74 I think Charlie Ellis wrote an article Winning the Loser's Game where he said that because you can't predict the future, active investing doesn't work.”
Where to get it
Other mentions in this episode (2) — ad reads, self-promotion and passing references, never counted
Plugged Mastering The Market Cycle
“And I wrote a book called Mastering the Market Cycle, which was published in '18, and uh I think I always say it's a cheesy title, but it wasn't my idea.”
Plugged The most important thing
“You know in my first book The Most Important Thing I had a thing in there called the uh Poor Man's Guide to Market Assessment.”