The Minutes of Howard Marks on return https://minutesof.com/howard-marks/on/return/ Everything Howard Marks has said on return: 3 verbatim quotes from September 2025, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:28 +0000 Marks argues that if risky investments guaranteed higher returns, they would not be risky by definition. https://minutesof.com/q/9ee4a2e1-106d-4084-9fee-b34f7a79bf9c/ https://minutesof.com/q/9ee4a2e1-106d-4084-9fee-b34f7a79bf9c/ “if riskier investments could be counted on to produce higher returns, then by definition, they're not risky. So that can't be right.” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 return Marks clarifies that risky assets must appear to offer higher returns to attract investors, not guarantee them https://minutesof.com/q/5f23c478-b99d-4ef2-ab12-006b086487d7/ https://minutesof.com/q/5f23c478-b99d-4ef2-ab12-006b086487d7/ “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?” — The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 return 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 return