The Minutes of Howard Marks on market theory https://minutesof.com/howard-marks/on/market-theory/ Everything Howard Marks has said on market theory: 4 verbatim quotes from September 2025, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:27 +0000 Marks qualifies the efficient market hypothesis, saying beating the market is hard but possible for a few. https://minutesof.com/q/7177b136-1776-40c2-9506-7204735e5ac4/ https://minutesof.com/q/7177b136-1776-40c2-9506-7204735e5ac4/ “the efficient market hypothesis says you can't beat the market. And what I would say is it's not that you can't beat the market, but it's hard. And rather few people can do it.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 market theory Marks explains why the claim that riskier investments have higher returns is logically incoherent. https://minutesof.com/q/84637199-7dbb-43ac-8d12-59d894ea94e3/ https://minutesof.com/q/84637199-7dbb-43ac-8d12-59d894ea94e3/ “if it were true that taking more risk is the surefire path to a higher return, then it wouldn't be risky. Can't be right. So I was always unsatisfied with that.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 market theory Marks clarifies that risky assets must appear to offer higher returns, not that they deliver them. https://minutesof.com/q/a21cd660-eb55-46af-812d-d011cc9d2846/ https://minutesof.com/q/a21cd660-eb55-46af-812d-d011cc9d2846/ “assets that are expected to be riskier have to appear to offer a higher return or nobody will make those investments. That makes a 100% sense, doesn't it? So that's what this relationship means” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 market theory Marks defines market cycles as excesses and corrections rather than simple ups and downs. https://minutesof.com/q/d18bdee4-eb9b-478a-a5d2-1c295994fa90/ https://minutesof.com/q/d18bdee4-eb9b-478a-a5d2-1c295994fa90/ “The way to think of of a pattern of of cycle is excesses and corrections. So so for example, let's look here. What's happening here?” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 market theory