Howard Marks · Nikhil Kamath · 4 May 2026
“And not only is that an interesting phenomenon to think about, but even more so, the fact that the return on the S and P, which averages 10, is almost never between eight and twelve.”
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.