The Minutes of Howard Marks on market history https://minutesof.com/howard-marks/on/market-history/ Everything Howard Marks has said on market history: 4 verbatim quotes between May 2022 and June 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:27 +0000 Marks dates the origin of nonbank direct lending to 2011 when banks became unable to meet private equity deman https://minutesof.com/q/9d3871ba-d767-4fc1-92d1-42f3015da80b/ https://minutesof.com/q/9d3871ba-d767-4fc1-92d1-42f3015da80b/ “And so so called nonbank lenders stepped in to make the loans that the banks weren't making.” — Oaktree Tue, 24 Mar 2026 14:08:16 +0000 market history Marks traces private credit's origins to 2011 when regulated banks withdrew from buyout lending and non-bank l https://minutesof.com/q/1ea58014-b86c-4cc5-8882-91e8618fb80c/ https://minutesof.com/q/1ea58014-b86c-4cc5-8882-91e8618fb80c/ “in 2011, when the banks chastened and regulated because of the global financial crisis, pulled back from lending for buyouts, so called non bank lenders stepped in and started to engage in direct lending, lending for mid sized buyouts.” — Bloomberg Television Wed, 18 Mar 2026 17:49:13 +0000 market history Marks says high-quality assets can be risky if overpriced, citing nifty-fifty stocks that lost almost everythi https://minutesof.com/q/d0b451ea-1184-44f3-8d79-faf5b736092b/ https://minutesof.com/q/d0b451ea-1184-44f3-8d79-faf5b736092b/ “A high quality asset can be priced so high that it's risky. I started work at Citibank in September 1969, when I got out of Chicago Booth.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 market history And if you bought those stocks, the day I got there in '69, and you held them firmly for five years, you lost https://minutesof.com/q/16335ebd-315f-44ea-97e4-89912095cbac/ https://minutesof.com/q/16335ebd-315f-44ea-97e4-89912095cbac/ “And if you bought those stocks, the day I got there in '69, and you held them firmly for five years, you lost almost all your money.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 market history