The Minutes of Howard Marks on bubbles https://minutesof.com/howard-marks/on/bubbles/ Everything Howard Marks has said on bubbles: 13 verbatim quotes between June 2022 and June 2026, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:22:26 +0000 Marks lists historical technological innovations from railroads in 1860s through internet in 2000 as compariso https://minutesof.com/q/80bb5e00-3abf-4c45-8a38-d124594eeec1/ https://minutesof.com/q/80bb5e00-3abf-4c45-8a38-d124594eeec1/ “So the technological innovations I'm talking about, let's just for a starting point, let's say the railroads back in the 1860s And then radio in the nineteen twenties, the automobile, computers in the nineteen fifties and sixties, internet in 2000.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles Marks says every prior technological bubble saw too much capital flow in, too much infrastructure built, and i https://minutesof.com/q/9803be00-5faa-425b-a7ba-9711847ea2e6/ https://minutesof.com/q/9803be00-5faa-425b-a7ba-9711847ea2e6/ “In every case, too much capital flowed in. I think it's fair to say too much infrastructure was built and prices were paid that were too high.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles Marks wrote that if AI exuberance doesn't produce a money-losing bubble, it will be the first technological in https://minutesof.com/q/ff90aee0-eaa9-45e9-86bc-4c6d98a0c673/ https://minutesof.com/q/ff90aee0-eaa9-45e9-86bc-4c6d98a0c673/ “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.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles Marks says nobody can explain how AI will change the world, unlike the internet bubble where the vision was cl https://minutesof.com/q/af57e620-cfa5-49b3-8f31-2d2fe3bca123/ https://minutesof.com/q/af57e620-cfa5-49b3-8f31-2d2fe3bca123/ “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.” — The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles I always make this point that the bubbles are very, very around something new because the imagination is untra https://minutesof.com/q/83b67147-bef5-4405-b728-c2517c8dd342/ https://minutesof.com/q/83b67147-bef5-4405-b728-c2517c8dd342/ “I always make this point that the bubbles are very, very around something new because the imagination is untrammed and it can go off in a flight of fancy.” — The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles Marks argues bubbles never form around prosaic industries like timber because outcomes are too predictable. https://minutesof.com/q/6ede688f-5cb5-4f3d-8846-8e3a62417ff7/ https://minutesof.com/q/6ede688f-5cb5-4f3d-8846-8e3a62417ff7/ “You're never going to have a bubble in paper stocks or timber stocks. It's too prosaic. People can say, well, we can tell how many houses you're going to build.” — The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles Marks is certain AI will irreversibly change society but questions whether its implementation will prove exces https://minutesof.com/q/f515ecef-2669-4383-989e-a1d63122bab4/ https://minutesof.com/q/f515ecef-2669-4383-989e-a1d63122bab4/ “And the question is, will the implementation prove to have been excessive in scope and in in the way it's financed?” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 bubbles Marks defines bubbles primarily as psychological excess where no price seems too high. https://minutesof.com/q/d7215c0b-bbe4-4d4f-abf8-8d4abfb834e5/ https://minutesof.com/q/d7215c0b-bbe4-4d4f-abf8-8d4abfb834e5/ “To me, the main ingredient in bubbles is psychological excess. There's no such thing as a price too high.” — CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles Marks says current AI frenzy has not reached bubble-level mania yet. https://minutesof.com/q/312f7e4b-2ac4-441d-9842-48da86db0817/ https://minutesof.com/q/312f7e4b-2ac4-441d-9842-48da86db0817/ “And I don't detect that level of mania at this time, so I have not put the bubble label Right.” — CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles Marks says he has not labeled current AI frenzy a bubble because mania has not reached critical level. https://minutesof.com/q/ee221612-6fb6-4b8e-9cc4-b77f0adade2b/ https://minutesof.com/q/ee221612-6fb6-4b8e-9cc4-b77f0adade2b/ “And I don't detect that level of mania at this time, so I have not put the bubble label Right. On this on this incident.” — CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles Marks judges that AI investing has not reached the critical mass of mania needed for a bubble. https://minutesof.com/q/5e0cc192-3d2d-4ea9-9757-8d22533e8427/ https://minutesof.com/q/5e0cc192-3d2d-4ea9-9757-8d22533e8427/ “But to me, it just hasn't this is a judgment call. And to me, it just hasn't reached that critical mass of mania.” — CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles Marks notes that while the internet transformed society, 99% of internet stocks from 1999 are worthless. https://minutesof.com/q/937e8e7b-afa5-4c75-b1a2-f5c776934a01/ https://minutesof.com/q/937e8e7b-afa5-4c75-b1a2-f5c776934a01/ “Can you imagine the world today without the internet? And yet I imagine that 99% of the internet stocks that came out are worthless today.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 bubbles Marks argues bubbles exist because overpriced markets can become more overpriced before eventually reverting. https://minutesof.com/q/5686fbcc-3d21-4370-9c6e-24f8c45f1554/ https://minutesof.com/q/5686fbcc-3d21-4370-9c6e-24f8c45f1554/ “And if it were true that every overpriced markets reverts and becomes fairly priced, then we would never get a bubble because they would stop going up here.” — Goldman Sachs Thu, 30 Jun 2022 15:18:25 +0000 bubbles