• 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 transformative and the stocks can still be a bad investment. Both things have been true before.

We look at where today's valuations sit against the historical record — what buying into elevated multiples has meant for returns over the following decade, and why the answer has been remarkably consistent even when the underlying story was sound. High prices don't predict crashes. They predict lower future returns. That's a less dramatic claim and a far more useful one.

Then the practical part: how do you actually invest here? Not by going to cash and waiting for a signal that never comes with a bell attached. Marks's answer is about posture — where you sit on the aggressive-to-defensive dial, what you're being paid to take risk, and the discipline of calibration over prediction.

If you've been wondering whether to trim, add, or simply hold your nerve, this is the conversation to sit with.

In this episode:

• What separates a bubble from an expensive market
• Why "great company" and "good investment" are different questions
• What historical valuation levels have meant for forward returns
• The case against trying to time the top
• Calibrating risk instead of forecasting outcomes

Original speech/interview by Howard Marks, interviewed on the Prof G Podcast (2026). Sweat Your Assets re-edited the interview.

• A YouTube version with visual support is available at: https://youtu.be/P3joXUHoArA
• Blog → sweatyourassets.biz
• Monthly Newsletter: https://sweatyourassets.aweb.page/financial-growth-newsletter

Sweat Your Assets is a financial education platform built on one idea: anyone can learn to manage money wisely, build wealth steadily, and make decisions that hold up over time.

The podcast is one piece of a larger sandbox — alongside a blog, YouTube channel, and monthly newsletter. Everything comes from what I read, test, and apply about money, investing, and financial freedom.

No sponsorships. No shortcuts. Just honest, evidence-based thinking.

Each episode covers what actually matters: financial mindset, money psychology, investing principles, building income, and avoiding the traps that keep people broke.

The conversations the mainstream media rarely has, because they don't sell.

If you want to think more clearly about money, you're in the right place.

Sweat Your Assets — Alessandro Baroni 🌐 sweatyourassets.biz ▶️ youtube.com/c/SweatYourAssets 📩 Newsletter: sweatyourassets.aweb.page/financial-growth-newsletter

Hosted on Acast. See acast.com/privacy for more information.

Norway's central bank has asked every household to keep some cash at home — in one of the most cashless economies on Earth. In this episode, we unpack why the people who run the world's most advanced payment systems are quietly telling you not to rely on them entirely. From the blackout that froze payments across Spain and Portugal, to the engineering principle of redundancy, to what savers in high-inflation economies have always known instinctively — this is the case for holding more than one card, more than one account, and more than one way to pay. Small, deliberate inefficiencies that buy resilience on the bad day, and peace of mind on all the others.

Welcome to a new episode of Sweat Your Assets — enjoy!

Read the full article: https://sweatyourassets.biz/financial-redundancykeep-cash-at-home/

Sweat Your Assets is a financial education platform built on one idea: anyone can learn to manage money wisely, build wealth steadily, and make decisions that hold up over time.

The podcast is one piece of a larger sandbox — alongside a blog, YouTube channel, and monthly newsletter. Everything comes from what I read, test, and apply about money, investing, and financial freedom.

No sponsorships. No shortcuts. Just honest, evidence-based thinking.

Each episode covers what actually matters: financial mindset, money psychology, investing principles, building income, and avoiding the traps that keep people broke.

The conversations the mainstream media rarely has, because they don't sell.

If you want to think more clearly about money, you're in the right place.

Sweat Your Assets — Alessandro Baroni 🌐 sweatyourassets.biz ▶️ youtube.com/c/SweatYourAssets 📩 Newsletter: sweatyourassets.aweb.page/financial-growth-newsletter

Hosted on Acast. See acast.com/privacy for more information.

Climbing the Wall of Worry | Market Barometer | August 2026

Record highs everywhere — while the Fed talks rate hikes, Iran sits under the toughest sanctions ever written, and a trade spat brews with Canada. Bull markets climb a wall of worry, and August's wall was steep.

In this Market Barometer episode: what moved stocks, bonds, oil, gold, and Bitcoin in August 2026, what Fed chair Kevin Warsh's first Jackson Hole speech means for your wallet, and why the best advice remains boring — stay invested, stay diversified, keep some dry powder.

Plus: three quotes of the month, and two investing giants from the blog — Peter Lynch and David Swensen.

📊 Market heatmaps, tables, and links to the full articles and videos are in the written newsletter: https://sweatyourassets.optin.com/newsletter/awlist6442749/MzA1MTM5MzM=/climbing-the-wall-of-worry-digest-68-aug-26.htm

📫 Free monthly newsletter — no sponsors, no noise: https://sweatyourassets.optin.com/newsletter/awlist6442749/MzA1MTM5MzM=/climbing-the-wall-of-worry-digest-68-aug-26.htm

Keep it real, Sweat Your Assets.

Sweat Your Assets is a financial education platform built on one idea: anyone can learn to manage money wisely, build wealth steadily, and make decisions that hold up over time.

The podcast is one piece of a larger sandbox — alongside a blog, YouTube channel, and monthly newsletter. Everything comes from what I read, test, and apply about money, investing, and financial freedom.

No sponsorships. No shortcuts. Just honest, evidence-based thinking.

Each episode covers what actually matters: financial mindset, money psychology, investing principles, building income, and avoiding the traps that keep people broke.

The conversations the mainstream media rarely has, because they don't sell.

If you want to think more clearly about money, you're in the right place.

Sweat Your Assets — Alessandro Baroni 🌐 sweatyourassets.biz ▶️ youtube.com/c/SweatYourAssets 📩 Newsletter: sweatyourassets.aweb.page/financial-growth-newsletter

Hosted on Acast. See acast.com/privacy for more information.