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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is really unique.

And what comes with that, of course, is this nagging concern that it may take over.

So that's really important.

The other thing, and this is not kind of quantifiable, is there's never been anything, in my opinion, so unpredictable.

I don't think anybody knows the shape of the future.

So I have never had that sense before.

I never thought that the internet, for example, was beyond comprehension or beyond prediction.

Everything I say on the subject I preface with, I'm no expert, but I think I told the story in the memo about the fact that

indexation put a lot of people out of the equity business because it disclosed that they couldn't do what they claimed to do.

And most active equity investors underperformed the averages.

And AI will unfrock or defrock another group of people whose talents are not as great as they purport

I used to say about computers.

When I went to school and learned about computers, all they could do was read, remember, add, subtract, and compare.

They could do it with a lot of data.

They could do it really fast.

They could do it without making arithmetic mistakes.

They could do it without making emotional mistakes.

So while the list was limited, it was still better than most people.

Now, what's the list for AI?

Is the list for AI unlimited or limited?

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