https://minutesof.com/on/bubbles/ Everyone on the record about bubbles: 21 verbatim quotes from 3 people, June 2022 to June 2026, in one chronology, each with a timestamp and a link to its… en Sun, 30 Aug 2026 22:32:49 +0000 https://minutesof.com/q/ff90aee0-eaa9-45e9-86bc-4c6d98a0c673/ https://minutesof.com/q/ff90aee0-eaa9-45e9-86bc-4c6d98a0c673/ “So I wrote in a memo recently this year, and I think it's true that if this technological innovation with its exuberance doesn't produce a money losing bubble, it'll be the first.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles https://minutesof.com/q/9803be00-5faa-425b-a7ba-9711847ea2e6/ https://minutesof.com/q/9803be00-5faa-425b-a7ba-9711847ea2e6/ “In every case, too much capital flowed in. I think it's fair to say too much infrastructure was built and prices were paid that were too high.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles https://minutesof.com/q/80bb5e00-3abf-4c45-8a38-d124594eeec1/ https://minutesof.com/q/80bb5e00-3abf-4c45-8a38-d124594eeec1/ “So the technological innovations I'm talking about, let's just for a starting point, let's say the railroads back in the 1860s And then radio in the nineteen twenties, the automobile, computers in the nineteen fifties and sixties, internet in 2000.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 bubbles https://minutesof.com/q/fb324547-3123-4b57-aa99-0d2aa4293cda/ https://minutesof.com/q/fb324547-3123-4b57-aa99-0d2aa4293cda/ “So Taiwan Semi, if we don't get a bubble, we need to throw a party for them because they will have single handedly prevented a bubble.” — Gavin Baker, Invest Like the Best Wed, 20 May 2026 08:00:00 +0000 bubbles https://minutesof.com/q/eaa2c07f-36b4-496d-a802-6a49e559de0a/ https://minutesof.com/q/eaa2c07f-36b4-496d-a802-6a49e559de0a/ “This may be the first true capacity cycle. And I and and I and I do think that these fundamental shortages are good for us as investors.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 bubbles https://minutesof.com/q/562b8dc9-626b-4f01-b14d-58e8dfa3bdc7/ https://minutesof.com/q/562b8dc9-626b-4f01-b14d-58e8dfa3bdc7/ “And so I think that's where we are right now. It's real, it's disruptive, it's amazing, it it's changing a lot of different things in industry.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 bubbles https://minutesof.com/q/6ede688f-5cb5-4f3d-8846-8e3a62417ff7/ https://minutesof.com/q/6ede688f-5cb5-4f3d-8846-8e3a62417ff7/ “You're never going to have a bubble in paper stocks or timber stocks. It's too prosaic. People can say, well, we can tell how many houses you're going to build.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles https://minutesof.com/q/83b67147-bef5-4405-b728-c2517c8dd342/ https://minutesof.com/q/83b67147-bef5-4405-b728-c2517c8dd342/ “I always make this point that the bubbles are very, very around something new because the imagination is untrammed and it can go off in a flight of fancy.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles https://minutesof.com/q/af57e620-cfa5-49b3-8f31-2d2fe3bca123/ https://minutesof.com/q/af57e620-cfa5-49b3-8f31-2d2fe3bca123/ “I've never heard anybody tell me how AI is going to change the world. We know it's a powerful force. Can think, it can process data.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 bubbles https://minutesof.com/q/d3207c47-aae5-4f3e-b3ce-b72c8f5f5808/ https://minutesof.com/q/d3207c47-aae5-4f3e-b3ce-b72c8f5f5808/ “If the wave is real, then you're going to have bubble like behavior. Like they come together as a pair precisely because anytime there's very quick wealth creation, you're going to get a lot of people that want to come try and take advantage of that or participate in it.” — Bill Gurley, Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 bubbles https://minutesof.com/q/f515ecef-2669-4383-989e-a1d63122bab4/ https://minutesof.com/q/f515ecef-2669-4383-989e-a1d63122bab4/ “And the question is, will the implementation prove to have been excessive in scope and in in the way it's financed?” — Howard Marks, Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 bubbles https://minutesof.com/q/5e0cc192-3d2d-4ea9-9757-8d22533e8427/ https://minutesof.com/q/5e0cc192-3d2d-4ea9-9757-8d22533e8427/ “But to me, it just hasn't this is a judgment call. And to me, it just hasn't reached that critical mass of mania.” — Howard Marks, CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles https://minutesof.com/q/ee221612-6fb6-4b8e-9cc4-b77f0adade2b/ https://minutesof.com/q/ee221612-6fb6-4b8e-9cc4-b77f0adade2b/ “And I don't detect that level of mania at this time, so I have not put the bubble label Right. On this on this incident.” — Howard Marks, CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles https://minutesof.com/q/312f7e4b-2ac4-441d-9842-48da86db0817/ https://minutesof.com/q/312f7e4b-2ac4-441d-9842-48da86db0817/ “And I don't detect that level of mania at this time, so I have not put the bubble label Right.” — Howard Marks, CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles https://minutesof.com/q/d7215c0b-bbe4-4d4f-abf8-8d4abfb834e5/ https://minutesof.com/q/d7215c0b-bbe4-4d4f-abf8-8d4abfb834e5/ “To me, the main ingredient in bubbles is psychological excess. There's no such thing as a price too high.” — Howard Marks, CNBC Television Mon, 13 Oct 2025 16:15:11 +0000 bubbles https://minutesof.com/q/937e8e7b-afa5-4c75-b1a2-f5c776934a01/ https://minutesof.com/q/937e8e7b-afa5-4c75-b1a2-f5c776934a01/ “Can you imagine the world today without the internet? And yet I imagine that 99% of the internet stocks that came out are worthless today.” — Howard Marks, The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 bubbles https://minutesof.com/q/84e1ff8f-eb18-4a77-8fca-b2b4a9d43069/ https://minutesof.com/q/84e1ff8f-eb18-4a77-8fca-b2b4a9d43069/ “I've lived through three different bubbles and bursts in this industry, and unfortunately, it's highly cyclical. And when you and and it tends to go up slowly, and it tends to crash immediately.” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 bubbles https://minutesof.com/q/a28d89f9-eb3f-4eb7-821e-aa227e16db49/ https://minutesof.com/q/a28d89f9-eb3f-4eb7-821e-aa227e16db49/ “Yeah. Look, I've lived through three different bubbles and bursts in this industry, and unfortunately, it's highly cyclical. And when you and and it tends to go up slowly, and it tends to crash immediately.” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 bubbles https://minutesof.com/q/1999384c-643e-44d4-bfb8-a478a7df965f/ https://minutesof.com/q/1999384c-643e-44d4-bfb8-a478a7df965f/ “But the vast majority of the returns are in these periods at the top of these bubbles.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 bubbles https://minutesof.com/q/c1542d35-d580-4c80-a252-68a8b8f65783/ https://minutesof.com/q/c1542d35-d580-4c80-a252-68a8b8f65783/ “And in this past boom, in addition to everyone starting a venture firm, every venture firm started multiple venture firms and growth firms, and all that money gets piled up and you're slowly taking on risk and you don't realize it. It's like the roller coaster goes, nink, nink, nink, nink, nink.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 bubbles https://minutesof.com/q/5686fbcc-3d21-4370-9c6e-24f8c45f1554/ https://minutesof.com/q/5686fbcc-3d21-4370-9c6e-24f8c45f1554/ “And if it were true that every overpriced markets reverts and becomes fairly priced, then we would never get a bubble because they would stop going up here.” — Howard Marks, Goldman Sachs Thu, 30 Jun 2022 15:18:25 +0000 bubbles