The Minutes of Howard Marks on investment theory https://minutesof.com/howard-marks/on/investment-theory/ Everything Howard Marks has said on investment theory: 2 verbatim quotes from September 2025, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:22:29 +0000 Marks explains the strong form of efficient market hypothesis claims you cannot beat the market. https://minutesof.com/q/2cfb6586-9ebf-4820-86f3-943d957548ba/ https://minutesof.com/q/2cfb6586-9ebf-4820-86f3-943d957548ba/ “the efficient market hypothesis posits that because of the concerted action of investors, prices converge with fair value, everything is priced right, and you can't beat the market.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 investment theory Marks argues that if risky investments guaranteed higher returns, they would not be risky by definition. https://minutesof.com/q/9ee4a2e1-106d-4084-9fee-b34f7a79bf9c/ https://minutesof.com/q/9ee4a2e1-106d-4084-9fee-b34f7a79bf9c/ “if riskier investments could be counted on to produce higher returns, then by definition, they're not risky. So that can't be right.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 investment theory