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Howard Marks - Value Investor "no bubble" (Patreon)

Published:
2025-10-14 04:01:36
Imported:
2026-06
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Content

Howard Marks this morning:

  • “I don’t see mania in the markets right now.”

  • “The S&P may be pricey, but company quality is far higher.”

  • “I’d hesitate to call this a bubble.”

Some surprisingly bullish words from one of the world’s top value investors.

h.t Sanjay for the share

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Comments

believer

🔥🔥🔥

Nik

Love his book "Mr Nice". Good read.

Quantum Alpha

S&P company quality is better? 7 companies drive over a third of index value? It’s pricey b/c the $ is losing value 🤨

Chewie

A few companies offering value. Majority are not

jim beam

Very surprising, he’s always bearish & hard to not agree that the market is very frothy, even with AI.

Paul O

Of course he don’t see the bubble he owns it. 🤣 When you measure wealth in dollars instead of purchasing power, the matrix looks fine. But the money supply can’t go up forever when the tide of fiat recedes, we’ll see who was swimming naked in “no-bubble” land. NO BUBBLE because he’s living inside it. The fiat matrix hides its own inflation everything looks normal when the measuring stick keeps stretching. Prices aren’t going up because assets are magically worth more they’re going up because money is worth less. You can’t expand the money supply forever; eventually the illusion pops. In Bitcoin or gold terms, the bubble is already visible. He who lives within the illusion cannot recognize the illusion.

ChurrosMadrid

Doesn’t it feel weird that everyone is saying this is not a bubble… doesn’t it make it a bubble 🤣

ksha3yaa

Well the fact is no one knows anything. The famous Michael Burry correctly predicted the housing market bubble. That was the first and last time he was right. He has been wrong since then and had to eat his words. If majority knew it was a bubble, we wouldn't be in a bubble right ? :)

Marcus Aurelius

There has been a shift in market dynamics as the older traditions are being questioned as new forms of a analysis of equity prices become accepted. Ai changes everything.

Adam Toth

We are down 3% on the S&P 500 and investors are crapping their pants. The fear and greed index is at extreme fear. This does not look like extreme euphoria of a bubble top. Also, the mag6 has earnings growth for their valuation increases. Operating cashflow is booming and capex is arguably going to be useful.