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

That's a big part of the question right there.

And I don't know the answer and maybe you do.

And then is there anything left that AI can't do?

And one example is, I think we've helped our clients over the years by not investing with bad people.

And sometimes you talk to people and for undefinable reasons, you just say, you know what, it doesn't feel right.

As somebody said to me, the hair on your neck goes up.

And if that's true, and if AI doesn't have hair on its neck,

then maybe there's a role left for experienced investors with judgment.

I believe so.

First of all, there will always be things for which there is no history to train on.

And to the extent that a certain big percentage of what AI does is knowing history and recognizing and extrapolating patterns, there will always be stuff.

for which there is no history.

There are just some people who have a better understanding of the probability distribution that defines future events.

Well, in my first book, The Most Important Thing, Columbia, which published the book, we were talking about the book.

They said, well, write us a sample chapter.

So I sat down and I wrote a chapter that I had never even thought about.

and it turned out to be the first chapter in the book, and it says,

The most important thing is second-level thinking.

Second-level thinking basically says, if you don't see anything different from everybody else, you can't possibly be superior.

So to be superior, you have to, at some point, see something different from other people, what's called a variant perception.

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