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Howard Marks
2 recommended products
Everything Howard personally uses, recommends, or has created — plus things they don't recommend — sourced from their own show and appearances on other podcasts.
Warned against
S&P 500
negative
"JP Morgan published a chart showing the relationship between the S&P 500 at purchase and the return over the next 10 years. It was a negative correlation which means the higher the PE ratio you pay the lower the return you should expect."
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"If you read Malcolm Gladwell in Outliers, it was just luck. Right time, right place."
From:
I'm 80 and I wasted 25 years of my life. Don't make my mistake. - Howard Marks
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▶ 32:19
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Jul 15, 2026
Mentioned in 1 episode
"My wife and I have a favorite movie we watched called Spy Game with Robert Redford. Redford says, 'When did Noah build the ark?' Before the flood."
From:
I'm 80 and I wasted 25 years of my life. Don't make my mistake. - Howard Marks
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▶ 17:33
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Jul 15, 2026
Mentioned in 1 episode
"I mentioned Devil Take the Hindmost uh 99. One of the greatest books I ever read."
Mentioned in 1 episode
"Back in 74, I think Charlie Ellis wrote an article, winning the losers game, where he said that because you can't predict the future, active investing doesn't work."
Mentioned in 1 episode
"JP Morgan published a chart around the end of 24 and it was a scatter diagram showing over the years the relationship between the S&P 500 at purchase and the return over the next 10 years."
Mentioned in 2 episodes
"JP Morgan published a chart showing the relationship between the S&P 500 at purchase and the return over the next 10 years. It was a negative correlation which means the higher the PE ratio you pay the lower the return you should expect."
"If you bought the S&P when the PE ratio was 23, in every case there were no exceptions, your annualized return over the next 10 years was between two and minus two."
2 recommended · 0 sponsored · 1 warned against · 0 episodes