My First Million Best of MFM: Listen To This Before You Invest Another Dollar
438 snips
Mar 25, 2026 
Guy Spier, value investor and author, joins Howard Marks, Oaktree co-founder, and Mohnish Pabrai, Buffett-inspired fund manager, for a fast-moving investing roundup. They talk compounding, market cycles, investor psychology, buying when fear is highest, holding for the long run, and why avoiding big mistakes can matter more than chasing huge wins.
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Default To Berkshire When S&P Is Overheated
- Dollar cost average into Berkshire Hathaway B shares as a safe default when the S&P is overheated.
- Mohnish Pabrai shows $10,000 at 10% CAGR doubles every 7 years and becomes ~$1.33M in 49 years with no active work required.
Prioritize Financial Comfort Over Chasing Outperformance
- Long-term investing comfort matters more than chasing outperformance if it threatens daily life.
- Howard Marks: don't risk what you need; prioritize stable investments for financial peace even if returns are modest.
S&P P/E Predicts Next Decade Returns
- Paid price matters: higher S&P P/E at purchase predicts lower subsequent 10-year returns.
- Marks cites a JP Morgan scatter showing buying at P/E 23 historically produced 10-year annualized returns between +2% and -2%.
