The Minutes of Howard Marks on alpha https://minutesof.com/howard-marks/on/alpha/ Everything Howard Marks has said on alpha: 2 verbatim quotes between May 2022 and March 2026, each with a timestamp and a link to the recording it came… en Mon, 31 Aug 2026 13:10:24 +0000 Marks says direct lending stopped offering excess returns one to two years ago, delivering only adequate retur https://minutesof.com/q/21da301d-2643-41f2-aefa-4864005dfffd/ https://minutesof.com/q/21da301d-2643-41f2-aefa-4864005dfffd/ “I would say that as of a year or so, maybe two years ago, direct lending was, as you say, you use the term alpha, it was no longer special.” — Oaktree Tue, 24 Mar 2026 14:08:16 +0000 alpha Marks argues that market inefficiency stems from ignorance, but cumulative knowledge gradually eliminates it o https://minutesof.com/q/bd37077d-7a27-4c19-8c27-f9d39af05269/ https://minutesof.com/q/bd37077d-7a27-4c19-8c27-f9d39af05269/ “Most inefficiency is the result of ignorance. But knowledge is cumulative. People learn more and more every year.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 alpha