In today’s episode, we have an extremely special guest who is a billionaire and investing legend, Howard Marks. Howard really needs no introduction, but if you have not read Howard's memos, you are missing a critical piece of your investing education. Howard has also written some of Trey's favorite books including The Most Important Thing and Mastering the Market Cycles, which they discuss in depth in this episode and much more.IN THIS EPISODE, YOU'LL LEARN (01:54) How much investors should really focus on macro (spoiler: very little). (11:53) How to balance risk without the temptation to time the market. (22:32) Howard's thoughts on bitcoin, bonds, and interest rates. (34:58) Evergreen wisdom around price and value. (47:19) And be sure to stick around for the last question where Howard provides a portfolio he would leave to his grandchildren. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Howard Marks’ Memos. Trey Lockerbie Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. 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