# Howard Marks: how I make money while you worry about a market crash Page: https://stenobird.com/podcast/my-first-million-438184/howard-marks-how-i-make-money-while-you-worry-about-a-market-crash Text version: https://stenobird.com/podcast/my-first-million-438184/howard-marks-how-i-make-money-while-you-worry-about-a-market-crash.md Podcast: [My First Million](https://stenobird.com/podcast/my-first-million-438184) Published: 2026-07-15T09:00:00+00:00 Episode link: https://pdst.fm/e/traffic.megaphone.fm/HS7019324451.mp3 Audio file: https://pdst.fm/e/traffic.megaphone.fm/HS7019324451.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/my-first-million-438184/episodes/howard-marks-how-i-make-money-while-you-worry-about-a-market-crash Duration seconds: 2819 ## Resource Investing Guide: https://clickhubspot.com/epkr Episode 841: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to legendary investor Howard Marks about AI and making decisions in the face of fear and uncertainty.  — Show Notes: (0:00) AI Hurtles Ahead (8:26) second level thinking (10:21) investing through the end of the world (14:47) raising $11B at a time of crisis (17:54) investing with fear (20:22) the key to a successful partnership (25:01) being a good father (27:37) only 1 success: to live your life your way (34:17) Having lunch with Warren Buffett (37:18) What people don't know about Buffett (39:37) cigar butt investing (41:35) recommended reading — Links: • AI Hurtles Ahead - https://www.oaktreecapital.com/insights/memo/ai-hurtles-ahead  • A Short History of Financial Euphoria - https://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565  • Fooled by Randomness - https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219  — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Shaan uses Mercury for banking across all of his companies. you can too: http://mercury.com/  Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/my-first-million-438184/episodes/howard-marks-how-i-make-money-while-you-worry-about-a-market-crash/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/my-first-million-438184/howard-marks-how-i-make-money-while-you-worry-about-a-market-crash.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.