The Minutes of Howard Marks on leverage https://minutesof.com/howard-marks/on/leverage/ Everything Howard Marks has said on leverage: 2 verbatim quotes between March 2026 and June 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:29 +0000 Marks notes declining rates made financial engineering and leverage particularly effective at generating retur https://minutesof.com/q/db0db0ac-f07f-4624-b6fd-32f96cce5c4c/ https://minutesof.com/q/db0db0ac-f07f-4624-b6fd-32f96cce5c4c/ “In this period we've been through of declining interest rates, financial engineering helped a lot, merely owning assets with leverage helped a lot, things regularly went to premium valuations.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 leverage Marks observes a 17-year period without profound low points led people to forget leverage risks. https://minutesof.com/q/a29ae6a2-fd8c-46f0-8302-5baae4692c36/ https://minutesof.com/q/a29ae6a2-fd8c-46f0-8302-5baae4692c36/ “And from March of o nine until, let's say, January '26, there generally were not profound low points. And when good times roll on that long, people forget about the possibility of bad times.” — Oaktree Tue, 24 Mar 2026 14:08:16 +0000 leverage