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hi everyone welcome to clone compounding where our mission is to learn from others in order to achieve financial independence today we'll be covering our top three key takeaways from the book the most important thing uncommon sense for the thoughtful investor this book is written by the legendary investor howard marx while the economic world is going through a difficult time it will be wise to listen to howard and what he considers to be the most important thing when you invest your hard-earned money this book is a culmination of his experience and lessons from investing for four decades let's dive in takeaway one second level thinking everyone goes into the stock market with the intention of getting more than average returns but for this you need to think above and beyond others in the market you need to have some superior insight today investors are really smart and are supported by highly computerized algorithms you need to find an edge a skill that no one else has for successful investment you need to be more than just right than the other investors out there here's a perfect example to demonstrate what first and second level thinking is like in first level thinking a person might think it's a good company let's buy its stock but the second level of thinking will suggest it's a good company but everyone thinks it's a good company and so everyone is buying its stock so the stocks are overrated and overpriced let's sell this is how you think beyond others thinking out of the box takeaway 2 relationship between price and value most investors have come across the phrase buy low sell high this is the simplest rule for making an investment but what's low and what's high the best way to determine whether an asset is low or high is to understand the assets intrinsic value an asset's intrinsic value is not straightforward a good starting point is the company's fundamentals for example is the company earning a profit or not does it have debts will it be able to repay this will help you understand what is it worth that is value the relationship between price and value is hard to determine you need to consider more factors to make sure that you're on the right path there are psychological factors and technical factors that play a role psychological factors are mostly human emotion driven for instance if many people are not buying a certain stock even if it seems good to you you probably won't invest in it as well thinking that something is wrong with it and this mostly happens during bear markets psychological factors dominate the world of investment so in summary it's important to look at the value and price before investing in a stock if the value is below the price it's not worth buying also the bigger the discount between price and value the wider the margin of safety which provides added protection from unexpected events takeaway 3 most things are cyclical most things are cyclical in nature look at the seasons in a year look at day and night it's largely the same with the world of business and investments there are cycles the only difference is that where human psychology and not physics laws is involved we cannot predict when a cycle will go through what stages take for example the credit cycle banks tend to give you a loan without enough scrutiny when the economy is doing well and the risk of bad debt is rare on the other hand when the macro situation gets worse and new soft losses keep on coming the bank becomes more careful and increases the credit restrictions hence taking out the loan becomes quite difficult so knowing that human nature tends to be cyclical we can take advantage in situations where others have almost forgotten this principle for instance when the markets are heavily down people tend to stay away from investing and the pendulum swings too extreme in the direction of no investments and hence cheaper prices we can take advantage of that knowing that the pendulum will swing back and just don't know when making the best of out the craziest market situations is something every investor should be doing alright everyone that's it from us hope you enjoyed these lessons from howard marks smash the like button and don't forget to subscribe for more such videos
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