Howard Marks

speaker

431 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Howard Marks’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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My First Million · Howard Marks: how I make money while you worry about a market crash · 15 Jul 2026 podcast

And it listed all the investment firms that were the investment bankers.

And there were probably 40.

And a friend of mine, Ed Ramsdell, used to carry that around.

And every time one went out of business, he would mark it off.

And eventually, I think they almost all disappeared except for Goldman Sachs.

But why do they go under?

You have some cowboys and some chickens.

And in bad times, the chickens say, the cowboys are getting us killed.

And in good times, the cowboys say, the chickens are holding us back.

And they disparage each other.

So you have to share values, in my opinion.

The other thing is, you have to have complementary skills.

So the beauty of a partnership is when your partner can do things you can't.

That means that you are both additive to each other, synergistic.

If I can do everything you can do, or if I think that, what do I need you for?

It's not going to last very long, because eventually I'm going to say you're overpaid.

I don't need you.

The beauty of my relationship with Bruce is that we both recognize that there are things that the other is good at that we're not, and that the other is willing to do that we don't want to do.

For example, from the very beginning, Bruce approached me in 87,

with the idea of a distressed debt fund.

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