The Minutes of Howard Marks on academic theory https://minutesof.com/howard-marks/on/academic-theory/ Everything Howard Marks has said on academic theory: 3 verbatim quotes between May 2022 and September 2024, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:28 +0000 Marks argues academics adopted volatility as the risk measure largely because it was quantifiable, not because https://minutesof.com/q/ee5cc03b-2444-4a73-a5db-36ccc65c9614/ https://minutesof.com/q/ee5cc03b-2444-4a73-a5db-36ccc65c9614/ “The academics developing investment theory, largely at the University of Chicago in the early sixties, just a couple years before I got there, adopted volatility as their measure of risk.” — Oaktree Thu, 12 Sep 2024 13:00:36 +0000 academic theory Marks argues academics chose volatility as risk measure because it was quantifiable, not because it was accura https://minutesof.com/q/94809c35-c2ca-414f-b0c1-8716a8563a7d/ https://minutesof.com/q/94809c35-c2ca-414f-b0c1-8716a8563a7d/ “I think that volatility can be an indicator of the presence of risk, a symptom if you will, but it's not risk itself.” — Oaktree Thu, 12 Sep 2024 13:00:36 +0000 academic theory I think that one of the things you're taught here is that volatility is a measure of risk. Volatility is risk. https://minutesof.com/q/d357fd54-5066-4e06-8a80-9c0109dfd89a/ https://minutesof.com/q/d357fd54-5066-4e06-8a80-9c0109dfd89a/ “I think that one of the things you're taught here is that volatility is a measure of risk. Volatility is risk.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 academic theory