The Minutes of Howard Marks on philosophy https://minutesof.com/howard-marks/on/philosophy/ Everything Howard Marks has said on philosophy: 4 verbatim quotes between May 2022 and April 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:27 +0000 Marks says the only basis for buying is that things are cheap, not timing the bottom. https://minutesof.com/q/94298815-8f6f-4db4-96d5-81226d30eb10/ https://minutesof.com/q/94298815-8f6f-4db4-96d5-81226d30eb10/ “And so, the only basis for buying is that things are cheap. You can tell when things are cheap.” — Wharton School Tue, 21 Apr 2026 16:17:40 +0000 philosophy 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 philosophy 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 philosophy Marks states good investing is not buying good things but buying things well; price determines risk. https://minutesof.com/q/4a53d38b-1ab0-4b95-85e3-08b3a4fadbe7/ https://minutesof.com/q/4a53d38b-1ab0-4b95-85e3-08b3a4fadbe7/ “it's not what you buy, it's what you pay that determines whether your investment is risky or not. B, that good investing is not a matter of buying good things, but buying things well.” — Wharton School Mon, 02 May 2022 13:42:01 +0000 philosophy