NYSE:SCHW 27 September 2025 - 13 December 2025

Howard Marks’ famous memos have been required reading on Wall Street for decades – so much so that Buffett reportedly gave them to protégés. In reflecting on his career, Marks underscores that market psychology repeats. In a podcast and memo earlier this year he warned that the unbridled enthusiasm for AI – a “thing with no historical base” – is precisely the kind of “thrill of the new thing and fear of missing out” that often ends in a bubble benzinga.com. He emphasizes caution: today’s lofty tech valuations, mixed with geopolitical uncertainty, echo the dot-com era’s excesses. As Marks paraphrases JP Morgan research, today’s rich prices “often precede lackluster returns over the following decade.” Investors, he says, would be wise not to ignore those warning signs benzinga.com. Even as he commemorates 35 years of memos, Marks is blunt about unpredictability. He acknowledges the game changed – AI and new tech mean there’s “no limits” to hype – but his message is timeless: history suggests we should temper our euphoria. Analysts like him argue that if enough investors pile into the hot new story, the eventual correction can be painful. In short, even legends of value investing like Marks and Buffett