Howard Marks · Evolved on bubbles · 110 days apart
Then · 21 February 2026
“I've never heard anybody tell me how AI is going to change the world. We know it's a powerful force. Can think, it can process data.”
Now · 12 June 2026
“So I wrote in a memo recently this year, and I think it's true that if this technological innovation with its exuberance doesn't produce a money losing bubble, it'll be the first.”
Two verbatim excerpts, timestamped, from the same person on the same subject. The full recordings are at the sources; we link out and do not host them. Everything Howard Marks is on record saying.