The IPO Frenzy Has Begun — ft. Howard Marks

This week on Prof G Markets, Ed Elson and Scott Galloway are joined by Howard Marks to discuss whether the IPOs from SpaceX, Anthropic and OpenAI are legitimate investments or signs of irrational exuberance. They explore how investors should think about the enormous uncertainty of AI, where opportunities still exist in an increasingly expensive market, and whether fears about private credit are overblown or warranted. Subscribe to the Prof G Markets newsletter: https://links.profgmedia.com/markets-... Order Notes On Being A Man now! https://amzn.to/4nl4VKo Timestamps: 00:00 Intro 00:45 Today's episode 01:46 Interview with Howard Marks 01:54 What do you make of the SpaceX IPO and the other ones we’re seeing? 04:44 Does it not seem like those previous cycles? 11:18 How do you invest around the unknowable here? 16:13 Are there other sectors or other asset classes you can call overvalued or undervalued? 20:54 Ad break 24:54 Where do you find value right now? 27:20 What indicators do you rely on to gauge market exuberance and valuation? 36:40 What do you make of subsidizing these losses to the tune of literally hundreds of billions of dollars? 41:46 Ad break 45:38 How do you view your business today, and where is it headed? 51:08 What is your view on the private credit market right now? 54:26 What advice would you give to people who are just starting out in their careers right now? 57:53 Credits Follow Scott on Instagram:   / profgalloway   Follow Ed on Instagram, X and Substack:   / ed_elson_     / edels0n   https://substack.com/@edwardelson Subscribe to Prof G Markets on Spotify: https://links.profgmedia.com/markets-... Got a question for Prof G? Get answers on TikTok: https://links.profgmedia.com/tiktok Want more Prof G? Check out everything we're up to at: https://links.profgmedia.com/home Send us your questions or comments by emailing Markets@profgmedia.com Note: We may earn revenue from some of the links we provide. #business #news #tech #financemotivation #stockmarket #profg #scottgalloway #edelson #profgmarkets #ai #earnings #stocks #inflation #investmentstrategies #investment #investing #gdp #tariffs #2026