The Minutes of Howard Marks on market efficiency https://minutesof.com/howard-marks/on/market-efficiency/ Everything Howard Marks has said on market efficiency: 2 verbatim quotes between May 2022 and September 2025, each with a timestamp and a link to the… en Mon, 31 Aug 2026 13:10:26 +0000 Marks states most equity mutual funds underperform the S&P 500 before fees and do notably worse after fees. https://minutesof.com/q/b0f38b72-2041-4fb9-9764-4709a94f9b6e/ https://minutesof.com/q/b0f38b72-2041-4fb9-9764-4709a94f9b6e/ “if you look at equity mutual funds, most equity mutual funds don't even do as well as the S and P five hundred before fees, and then they charge you a high fee for their efforts, and they do notably worse after fees.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 market efficiency 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 market efficiency