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

September 15th, maybe of 08.

And we had thought that there was going to be a mess.

And we had raised, in the distressed debt world, the biggest fund in history prior to 07 was our 02 fund, which was 2.5 billion.

And in 07, 08, we raised 11 billion in

for a distressed debt fund because we thought that there was a lot of distress coming.

And we had it on the shelf.

It was for deployment when the stuff hit the fan.

And Lehman goes under, which I think qualifies as saying the stuff has hit the fan.

But people are talking about the end of the world and all the financial institutions are going to melt down and everything having to do with money is going to atomize.

So we were faced with the question,

Do you invest the money?

And there's no pattern recognition for the end of the world.

And there's no, you know, in the pandemic, a Harvard epidemiologist said, when we make decisions, we have data, analogies to past experience and supposition.

Well, at the time of the Lehman bankruptcy, we had no data

and no prior experience.

We only had supposition.

So this is an interesting question.

Can AI have engaged in this kind of thinking?

And what we said is that if the world, if the financial world melts down and we invest, doesn't matter.

But if we don't invest and the financial world doesn't melt down, then we didn't do our job.

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