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Howard Marks

Mentioned 5 times across 2 podcasts this week

This Week's Pulse

Howard Marks recently appeared on the Exchanges at Goldman Sachs podcast to analyze the current state of private credit and appeared on My First Million to critique current equity valuations.

On My First Million, Shaan Puri highlighted the legendary investor's bearish stance on the broader market, noting that Howard Marks came on our podcast and says to our face, "The S&P's a bad bet right now," and he says it's because it's valued at, you know, 23 times PE ratio.

The tone shifted toward technical analysis on Exchanges at Goldman Sachs, where Allison Nathan framed him as a "legendary investor" while probing the origins of private credit. Howard Marks emphasized that while credit cycles are inevitable, he remains sanguine about systemic risk, arguing that "it's cause for concern for those funds I don't think it's a cause for concern for the US financial system."

While Shaan Puri focuses on the macro-valuation warning, the Goldman Sachs discourse looks past the immediate S&P 500 volatility to the "healthier investment environment" that follows a full credit cycle. Marks suggests that the learning curve for private credit participants will ultimately lead to better decision-making as the market matures.

Where it's discussed

I put 80% of my money in the S&P

My First Million

Shaan Purineutralfrom “productive placebos”

An investor who appeared on the podcast and warned that the S&P 500 is currently a bad bet due to high PE ratios.

“Right. [laughs] And I'm curious how you feel. You know, Howard Marks came on and he said, "Hey, the S&P 500 right now is a bad bet." And so here's, you got a guy who's, whatever, 900 years old who's got all of the experience and all of the knowledge, and he sa…”

Cracks in Private Credit

Exchanges at Goldman Sachs

Howard Marksneutralfrom “Closing Thoughts on Private Credit Cycles”

Discusses the cyclical nature of borrowing and the potential for market corrections in private credit.

“becomes too hard to borrow money. And maybe that happened already, or maybe it lies ahead. But after you go through a full cycle, now people know something about the positives and the negatives, and they make better decisions the next time. And that may be wha…”

Allison Nathanpositivefrom “The Rise and Evolution of Private Credit”

Legendary investor from Oaktree Capital Management explaining the origins of private credit.

“[upbeat music] Each month, I speak with investors, policymakers, and academics about the most pressing market-moving issues for our top-of-mind report from Goldman Sachs Research. This month, I spoke with Howard Marks of Oaktree Capital Management, Michael Arr…”

Howard Marksneutralfrom “Risks and Future Outlook for Private Credit”

Discusses the limited risk of software loan defaults to the US financial system and the nature of credit cycles.

“Well, it's cause for concern for those fundsI don't think it's a cause for concern for the US financial system. So what that means is, let's say that you've invested in a private credit fund that has made software loans. So let's say your loan is a senior loan…”

Howard Marksneutralfrom “Liquidity and Fundamentals in Private Credit”

Discusses the nature of liquidity in private assets and the responsibility of investors to understand fund terms.

“Well, it's absolutely true, Allison. And by the way, one of the most interesting words in the English language is should. So if people should not expect liquidity, but they're disappointed when they don't have it, where does the disappointment come in? And so …”