Today’s guest, Marc, runs the Learning Learning.Investing.Thriving. blog on Substack, and his path there was anything but linear. Having lived in the US, France, and Asia, he traded relative value at Morgan Stanley before walking away from finance to teach. In this conversation, we get into why he compares assets and industries rather than obsessing over absolute valuations, and what that lens tells him about today’s market.
We spend real time on the AI and semiconductor boom. Is it 1999 again, or something different? Marc makes the case for European markets outperforming the US once more, and explains his growing interest in Japan and South America. We dig into total addressable market as a framing tool, the role of retail investors and leverage products in the volatility we keep seeing, and why so much of the market misreads risk right now.
Then there’s the human thread. Marc tells the story of his former accounting professor who made a dry subject feel alive and, in doing so, redirected his entire career. It’s a reminder that the right teacher at the right moment can change everything.
PS: Marc sent me an update this morning on his former teacher: “He’s still there. Since 1982!“
If you think about markets in terms of edge, patience, and where the crowd is looking versus where it isn’t, this one is for you.
