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

You have to have some sense that there may be a flood.

But one other point.

In the prior 20 years, there had been these occasions when we thought there was going to be a great investment opportunity.

And we were generally right because we took the temperature of the market accurately.

And we raised a large fund and we invested in it and we made a lot of money.

But then-

Our next fund was smaller because we thought the opportunities weren't as good.

Now, most people in the investment business, if they have a fund that does great, the next fund is binger because they can sell on the back of those results.

But we make it smaller because we think those results mean that things have appreciated and are not so attractive.

And I think that having done that for 20 years, I think we gained a lot of credibility.

And people tend, I think people tend to say when Howard and Bruce say there's a great opportunity, they're not just trying to raise money, they really believe it.

And they tend to be right.

And sometimes you have to speak against your own interest and admit your limitations and admit your uncertainties.

So in 19...

1998, we had the meltdown of long-term capital management.

We had a Russian ruble crisis.

We had a panic in Southeast Asia.

And especially with long-term going under, one of the skilled portfolio managers, young portfolio managers at Oak Tree came to me.

He says, I think this is it.

I think we're melting down.

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