The Minutes of Howard Marks on market evolution https://minutesof.com/howard-marks/on/market-evolution/ Everything Howard Marks has said on market evolution: 2 verbatim quotes from June 2026, each with a timestamp and a link to the recording it came from. en Mon, 31 Aug 2026 13:10:26 +0000 Marks admits he didn't foresee private credit growing from zero to $1.7 trillion in fifteen years. https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ “I didn't foresee the growth of private credit, which the part of private credit which loans money for mid sized buyouts we call direct lending.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 market evolution Marks says direct lending grew from essentially zero fifteen years ago to $1.7 trillion today, which he didn't https://minutesof.com/q/a02ece09-f57d-413b-8b9d-92fd8d43faea/ https://minutesof.com/q/a02ece09-f57d-413b-8b9d-92fd8d43faea/ “the part of private credit which loans money for mid sized buyouts we call direct lending. It went from essentially 0 fifteen years ago to 1,700,000,000,000 today. I I didn't know that was coming.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 market evolution