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

So we have to do it.

And we invested on that basis.

And Bruce, who runs those funds, invested an average of $450 million a week for 15 weeks, $7 billion in a quarter.

On that, well, was it only on that?

We also, on quantitative measures, assuming the world doesn't melt down, we were getting great bargains.

We were buying the debt of companies where we would break even and

if companies that had been bought out by private equity guys two, three, four years earlier, if they ended up being worth a fifth or a fourth of what they had paid, we would still be okay.

So that was pretty easy, quantitatively.

But we were absolutely not confident.

No, no.

But I mean, we're the kind of people

who always say I could be wrong or it could work in a way that's never been seen before.

And so we always, I wrote a memo three or four years ago called Taking the Temperature about the five major calls, macro calls that I made in the last, well, in the last 26 years.

And they're all with some doubt.

When the markets are crashing, why are they crashing?

They're crashing because the news is terrible.

I read the same newspapers.

I watch the same shows on TV.

I'm attached to the same news feeds.

I see the terrible news.

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