The Minutes of Howard Marks on market valuation https://minutesof.com/howard-marks/on/market-valuation/ Everything Howard Marks has said on market valuation: 2 verbatim quotes between August 2025 and December 2025, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:29 +0000 Marks says S&P valuation suggests very low single-digit returns over the next ten years based on historical PE https://minutesof.com/q/21686e0a-64aa-4473-94b3-afb1526d61e2/ https://minutesof.com/q/21686e0a-64aa-4473-94b3-afb1526d61e2/ “Historically, if you bought at this PE ratio, your return over the next ten years averaged in the very low single digits.” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 market valuation Marks cites JPMorgan chart showing negative correlation between S&P 500 PE ratios and subsequent ten-year retu https://minutesof.com/q/ed447950-2c8e-4077-a32d-efabb8ba0eb4/ https://minutesof.com/q/ed447950-2c8e-4077-a32d-efabb8ba0eb4/ “And it was a negative correlation, which means the higher the PE ratio you pay, the lower the return you should expect.” — My First Million Fri, 22 Aug 2025 12:36:27 +0000 market valuation