Howard Marks on

market cycles

1 quote · May 2022 – Aug 2026

Saidverbatim, newest first

  1. Marks argues risk is hidden because it only becomes visible when negative events occur, like flaws exposed by earthquakes.

    “I also believe that risk is hidden and deceptive. This is really important. Loss is what happens when risk, the potential for loss collides with negative events.”

    40:27 · Wharton School · 2 May 2022 · permalink

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