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[00:01:36] Trey Lockerbie: Welcome to the Investors Podcast. Im your host, Trey Lockerbie, and like I said at the top, I am here with investing legend Howard Marks. Howard, we have a lot to cover today, and Im so excited to have you on the show. Thank you so much for coming on. How are you doing? [00:01:49] Howard Marks: Im very good. Thank you. Its great to be back on the show. [00:01:53] Trey Lockerbie: I know that youre not one to make market forecasts, and in your 54 years of investing, youve only made five real market calls, which have all come true. And in your latest memo, Sea Change, you list two major Sea changes that youve experienced along the way and make a prediction that a third is currently underway. [00:02:16] Trey Lockerbie: You are a master of market cycles, and Ray Dalio has recently been out there saying, Were in the 12th major market cycle. Id love it if you could outline for us how a Sea change differs from normal market cyclicality, which two prior
