The Minutes of Howard Marks on market cycles https://minutesof.com/howard-marks/on/market-cycles/ Everything Howard Marks has said on market cycles: 1 verbatim quote between May 2022 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:28 +0000 Marks argues risk is hidden because it only becomes visible when negative events occur, like flaws exposed by https://minutesof.com/q/79066b85-fc27-4749-a5ca-fab31c9c7661/ https://minutesof.com/q/79066b85-fc27-4749-a5ca-fab31c9c7661/ “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.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 market cycles