The Minutes of Howard Marks on behavioral finance https://minutesof.com/howard-marks/on/behavioral-finance/ Everything Howard Marks has said on behavioral finance: 4 verbatim quotes between May 2022 and April 2026, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:27 +0000 Marks defines cognitive dissonance as the brain's ability to reject information at odds with predisposition. https://minutesof.com/q/563e1a00-0432-4d81-a9da-6051d8b31e19/ https://minutesof.com/q/563e1a00-0432-4d81-a9da-6051d8b31e19/ “And it is basically the human brain's ability to reject information which is at odds with its predisposition.” — Wharton School Tue, 21 Apr 2026 16:17:40 +0000 behavioral finance Marks shares trader's wisdom that when it's time to buy, psychological conditions make you not want to. https://minutesof.com/q/4bc31d58-ece3-46a0-a796-87bbae65e5df/ https://minutesof.com/q/4bc31d58-ece3-46a0-a796-87bbae65e5df/ “I came across a great quote within the last year from a guy who's a retired trader, When the time comes to buy, you won't want to.” — My First Million Fri, 22 Aug 2025 12:36:27 +0000 behavioral finance Marks argues security prices depend on people's reactions to events, not the events themselves. https://minutesof.com/q/f2f4d520-7ae0-42a3-a9f8-8bf341e8e757/ https://minutesof.com/q/f2f4d520-7ae0-42a3-a9f8-8bf341e8e757/ “it's not just whether the event was positive, it's how people reacted to the event that determines the impact on the security prices.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 behavioral finance Marks contends that the belief that there's no risk is itself the riskiest thing because it drives risky behav https://minutesof.com/q/e2a1de51-8e0e-49c5-8e8f-70a83aa5c263/ https://minutesof.com/q/e2a1de51-8e0e-49c5-8e8f-70a83aa5c263/ “I believe that the riskiest thing in the world is the belief that there's no risk.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 behavioral finance