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 · last 12 months

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 he's certainly...

as smart as I am and as talented as I am, maybe in different ways, but there was always this feeling of respect and affection and love.

And the more time passes, the more we're conscious of that, he and I, and that's what Warren and Charlie had.

And it was a beautiful thing to watch.

And also, Warren used to love telling funny stories about Charlie, of which there were a lot.

And their relationship was always suffused with humor.

I don't know exactly how they made their decisions, but I think Warren used Charlie as a sounding board, a logic checker.

I think this makes sense, that kind of thing.

Of course, Charlie's great credit is

that Warren Buffett used to engage in what we call cigar butt investing.

I don't know if you know about this, but cigar butt investing means you're walking down the street and you look in the gutter and you see a used cigar and you pick it up and you conclude that it has three puffs left.

So you pick it up, it's a disgusting thought, you pick it up and you smoke it and you get three puffs for free.

That's cigar butt investing.

But

And Warren would buy really cats and dogs because they were cheap.

And Charlie's great contribution was talking Warren out of cats and dogs, out of cigar butts.

And his revolution was that he convinced Warren, not any company at a great price,

great companies at a good price.

Most people credit that as Charlie's greatest contribution.

But synergistic, mutual respect, love, complimentary skills.

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