Howard Marks

And 20 years later, most of the companies that are in industry are fighting for their lives.

But I'll tell you to second what Andrew's saying.

If you go back to my youth in the 50s,

When I was a young man in the 60s and 70s, you just didn't have the feeling that the world was changing.

My thought model for the world at that time, looking back at it, is kind of a consistent backdrop, like on a stage.

And the actors do their thing in front of the backdrop, but the backdrop doesn't change.

And so there are cycles, ups and downs, excesses and corrections and all these things.

But the world didn't change much.

And comic book was a dime for my whole youth.

But today, everything changes every minute.

I guess for an economist, it was extremely well-written.

Before I lose the opportunity, I just want to add one thing to Andrew's list of criteria for success in this continued expansion mode, and that is companies that are able to avoid the negative effects of success.

You have to stay lean and flexible and unbureaucratic and future-looking.

Yeah, exactly.

Ben, Andrew mentioned that he'd never heard your voice at real speed because he listens to podcasts accelerated.

I think the way to think about it is take Darwinism and turn up the knob a few clicks.

It's what it is.

It's winners and losers, maybe more dramatic than ever and happening faster than ever.

Well, the phrase I took away from that, and it's in the memo, is readily available quantitative information about the present.

And Andrew pointed out the evolution of markets.