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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Interestingly, they probably had the highest combined IQ of any partnership in history.

but they were different kinds of IQ.

Charlie was more of a classicist and humanist and a man of letters.

And Warren, of course, was an incredible computing machine.

Charlie, you know, when we would get together, he wouldn't talk about investments or money.

or companies mostly, he would talk about ideas.

So one is A Short History of Financial Euphoria.

by John Kenneth Galbraith.

This was very influential in my thinking, and it teaches you about the mental weakness that gives rise to booms and busts.

And of course, you know, taking a objective view of cycles is a big part of what I do.

So that was very influential, and I was lucky to get to meet Galbraith.

And then the other book would be Fooled by Randomness by Nicholas Taleb.

And it talks about, see, I'm a great believer that a lot in life is random.

And so this is one of the reasons, maybe it's my rationale for not being such a decisive thinker.

Taleb basically says, in the short run, anything can happen.

because of randomness.

And this determines our attitude toward risk, our attitude toward portfolio construction, our attitude toward published records.

You know, you see a published record.

The guy had a great return that year.

Is he a great investor?

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