This is the hardest thing I have ever seen - Howard Marks on the AI Frenzy

About this episode

Every boom arrives with a story good enough to justify the price. The railroads. The Nifty Fifty. The internet. And now artificial intelligence. In this episode, Howard Marks — co-chairman of Oaktree Capital and one of the most careful thinkers on risk in the business — works through the question everyone is circling: are markets excessively exuberant, or is this simply what optimism looks like before it's proven right? Marks makes a distinction most commentary misses. A bubble isn't a price level; it's a state of mind. It's what happens when investors stop asking whether an asset is worth what it costs and start believing that no price is too high. The technology can be genuinely…