Howard Marks: how I make money while you worry about a market crash
My First Million
Hubspot
4.7 • 2.9K Ratings
🗓️ 15 July 2026
⏱️ 47 minutes
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| 0:00.0 | If you wait until you have nothing to be afraid about, probably the opportunity has passed. |
| 0:06.8 | I feel like I can rule the world. |
| 0:09.1 | I know I could be what I want to. |
| 0:12.1 | I put my all in it like no days off. |
| 0:14.5 | On the road, let's travel. |
| 0:15.7 | It's good to see you again. |
| 0:17.2 | We had a lot of fun last time, and we were like, look, I don't know if other people were going to like that, but we loved that. |
| 0:22.4 | And then over a million people listened to the last one. And so this morning, I was reading, you wrote this blog post about how you changed your mind about AI. |
| 0:31.3 | You had written, I don't know, a couple months back about the possibility of an AI bubble, and then as a good thinker tends to do, you got new facts, you sort of reassessed the situation, you wrote a new post about AI. Do you want to summarize the story of how you changed your mind on AI? |
| 0:49.5 | Well, the story is very simple. I have this son named Andrew. He's a VC. He's dealing with AI every day. His |
| 0:57.7 | companies use AI, some of them create AI, etc. I had written the first memo around December 9th, |
| 1:04.1 | as I recall, and then in early February, he said, Dad, so much has happened, you have to update |
| 1:09.7 | the memo. And so I rewrote the memo entirely. |
| 1:14.0 | I was rereading one of your old books, and you repeat this phrase a bunch, which is like, |
| 1:20.9 | it's important to be rational, and you can't get seduced into thinking something is a good |
| 1:24.5 | idea, because that's when smart people can make bad decisions, when you get emotional about something. But then when I was reading part two, I was reading it |
| 1:31.7 | and I was like, Howard, you sound a little seduced. You sound a little seduced, you sound like |
| 1:36.9 | you're into this. Are you at all approaching this in an emotional way, you think? |
| 1:41.0 | It depends on your definition of emotional. I upgraded my opinion of AI and its potential |
| 1:49.4 | because its ability to talk about its own strengths and weaknesses, |
| 1:57.9 | to use humor, to put information in the context of me, to use what it knows about me. |
| 2:08.0 | And you know, this is really exceptional stuff. |
... |
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