The Minutes of Howard Marks on randomness https://minutesof.com/howard-marks/on/randomness/ Everything Howard Marks has said on randomness: 2 verbatim quotes from March 2015, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:29 +0000 Marks argues outcomes cannot determine decision quality because randomness causes good decisions to fail and b https://minutesof.com/q/850c3776-7946-4dc4-a764-6a99f40dab95/ https://minutesof.com/q/850c3776-7946-4dc4-a764-6a99f40dab95/ “you can't tell from an outcome whether a decision was good or bad. It's very important. Most people don't understand this. Totally counterintuitive.” — Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 randomness Marks says good decisions fail and bad decisions succeed frequently due to randomness in investing. https://minutesof.com/q/a04ecac2-80aa-482e-b894-63542718e09a/ https://minutesof.com/q/a04ecac2-80aa-482e-b894-63542718e09a/ “good decisions fail to work all the time. Bad decisions work all the time. The investment business is full of people who are, quote, right for the wrong reason.” — Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 randomness