Howard Marks · The Investor’s Podcast · 13 December 2025
“for the fourteen years overall, they were in the fourth percentile. Now that's incredible math. You would say, well, if you bounce back in '40 between '27 47, on average, you're probably about 37.”
Verbatim excerpt with a timestamp. The full recording is at the source; we link out and do not host it. Everything Howard Marks is on record saying.