The Minutes of Howard Marks on measurement https://minutesof.com/howard-marks/on/measurement/ Everything Howard Marks has said on measurement: 3 verbatim quotes from May 2022, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:28 +0000 Marks invokes Einstein's quote that not everything that counts can be counted and not everything that can be c https://minutesof.com/q/b4f3e994-0349-4ec8-9634-7cadf1d44ca4/ https://minutesof.com/q/b4f3e994-0349-4ec8-9634-7cadf1d44ca4/ “Einstein, there's a great quote from Einstein, who said that not everything that counts can be counted, and not everything that can be counted counts.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 measurement Marks states risk cannot be quantified in advance and historical volatility is not a good risk indicator. https://minutesof.com/q/1a96140a-13bf-4b7d-9744-5af0dde7a0be/ https://minutesof.com/q/1a96140a-13bf-4b7d-9744-5af0dde7a0be/ “risk is unquantifiable in advance. You can make reference to the historical volatility, the historical standard deviation, but number one, that's not a very good indicator of risk.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 measurement Marks argues that risk cannot be quantified even after the fact, citing an example of a doubled investment. https://minutesof.com/q/55ddea35-f930-4c78-9ffc-656b6f03fd4f/ https://minutesof.com/q/55ddea35-f930-4c78-9ffc-656b6f03fd4f/ “You buy something for 100. A year later, sell it for 200. Was it risky? You can't tell. Even when it's over, you can't tell.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 measurement