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 you have to either think that the consensus of investors overstates the quality of the company, the growth rate of the company, the earning power of the company, or maybe the multiple it deserves.

And you have to have this very perception and you have to bet on your perception and you have to be right.

So that's second level thinking.

I say in the book, and when people ask me, I say, can you teach me to be a second level thinker?

And the answer is no.

I say in the book, I don't know.

But I think it's more no than yes.

Because what I say is, I can teach you the importance of being a second level thinker, like I just have in this chapter, but I can't tell you how to have perceptions

that are at odds with the consensus of investors and correct.

You know, in basketball, there's a saying, you can't coach height.

And I think there's something called insight.

And I think some people have it.

And I don't know if AI can have it because when you talk about artificial general intelligence and AGI is when a computer or AI

can do everything that a human can do.

Can it do that?

Don't know.

And when I talk about the mysteries of AI, that's a big one of them.

Are there things it can't, won't be able to do, even when it reaches full flower?

Great.

I think in our last episode, we talked about the day Lehman went under.

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