The Minutes of Howard Marks on numbers https://minutesof.com/howard-marks/on/numbers/ Everything Howard Marks has said on numbers: 3 verbatim quotes from June 2026, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:28 +0000 You know, the the the non Shiller PE ratio is about 23 or so today. The eighty year average is 16. So we're ro https://minutesof.com/q/968df78b-59e4-49d6-88e1-b52fc92cab54/ https://minutesof.com/q/968df78b-59e4-49d6-88e1-b52fc92cab54/ “You know, the the the non Shiller PE ratio is about 23 or so today. The eighty year average is 16. So we're roughly 50% higher today. But in 2000, I think it was 32.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 numbers Marks says 700 direct lending managers emerged to manage $1.7 trillion in a favorable environment with declini https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ “I'm told that there are roughly 700 direct lending managers. So the the the And the availability of that $1,700,000,000,000 put a lot of people into business and made a lot of people extremely successful along with a very favorable economy and with low or generally low or generally declining interest rates, which are salutary.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 numbers Marks notes only 3% of 700 direct lending managers existed before the financial crisis, questioning their abil https://minutesof.com/q/d490221d-39ea-4fa6-b509-074f7a6ce4d3/ https://minutesof.com/q/d490221d-39ea-4fa6-b509-074f7a6ce4d3/ “I'm told that of the 700, roughly 3% were in business before the global financial crisis. So we don't know how many of them are have what it takes to deal with a harsh environment.” — Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 numbers