The Minutes of Howard Marks on returns https://minutesof.com/howard-marks/on/returns/ Everything Howard Marks has said on returns: 9 verbatim quotes between October 2023 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:26 +0000 Marks outlines four ways to achieve superior returns: buying below value, financial structure, adding operatio https://minutesof.com/q/ce980c44-4ec9-49a7-8998-2e7e212a19d3/ https://minutesof.com/q/ce980c44-4ec9-49a7-8998-2e7e212a19d3/ “You apply the right financial structure, which also which often means leverage, you add value intrinsically to the operation, and you see it go to a premium valuation relative to what you pay.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 returns Marks says optimism and credulousness dominate today's market, making excess returns harder to achieve. https://minutesof.com/q/68ecbd03-4a52-4aee-bc52-f45173c9d441/ https://minutesof.com/q/68ecbd03-4a52-4aee-bc52-f45173c9d441/ “I think you would have to say, optimism, not pessimism, credulousness, not skepticism, are in the ascendancy today, and when optimism and credulousness are in the ascendancy, it gets hard to make return investments that will produce what we call excess returns,” — Bloomberg Television Wed, 18 Mar 2026 17:49:13 +0000 returns Marks quotes Buffett preferring lumpy 15% returns over smooth 12% if you can survive volatility. https://minutesof.com/q/6e047415-6c67-4fe8-9c68-c948c5d2db59/ https://minutesof.com/q/6e047415-6c67-4fe8-9c68-c948c5d2db59/ “And if you can survive long enough to enjoy the long term benefit of the lumpy 15, it beats the hell out of the smooth 12.” — Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 returns Marks explains risky assets must appear to offer high returns, but don't have to deliver them. https://minutesof.com/q/fe864198-3445-4007-a68d-7a65e10e7d0b/ https://minutesof.com/q/fe864198-3445-4007-a68d-7a65e10e7d0b/ “What the relationship means is that an asset that appears to be risky has to appear to offer a high return or else nobody will buy it.” — Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 returns Marks notes the last three years rank among the top six in S&P 500 history. https://minutesof.com/q/4dc34633-e51e-4654-95ca-6745ea363015/ https://minutesof.com/q/4dc34633-e51e-4654-95ca-6745ea363015/ “The S and P 500 stock index has been around for about a century. There have been ninety seven or ninety eight three year periods by definition.” — Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 returns Marks says 2023-2025 is the seventh best three-year period for the S&P 500 in a century, signaling elevated op https://minutesof.com/q/54f688b6-7c78-4802-9381-297fb97302ed/ https://minutesof.com/q/54f688b6-7c78-4802-9381-297fb97302ed/ “The period, twenty three four five is for the S and P 500 is, I think, the seventh best three year period out of the last 100. Seventh out of a 100.” — Brookfield Mon, 23 Feb 2026 18:35:50 +0000 returns Marks quotes Buffett preferring a lumpy 15% return over a smooth 12%, challenging excessive focus on volatilit https://minutesof.com/q/e289166f-4e1c-4214-a363-e80a1f175b0d/ https://minutesof.com/q/e289166f-4e1c-4214-a363-e80a1f175b0d/ “And I would say to people, if you'd rather have a smooth 12 than a lumpy 15, you have to ask yourself what's going on.” — Brookfield Mon, 23 Feb 2026 18:35:50 +0000 returns Marks says S&P valuation suggests very low single-digit returns over the next ten years based on historical PE https://minutesof.com/q/21686e0a-64aa-4473-94b3-afb1526d61e2/ https://minutesof.com/q/21686e0a-64aa-4473-94b3-afb1526d61e2/ “Historically, if you bought at this PE ratio, your return over the next ten years averaged in the very low single digits.” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 returns Marks defines real investment accomplishment as making money with controlled risk, not just returns. https://minutesof.com/q/e752c284-194c-4f09-a750-3a358d5dd568/ https://minutesof.com/q/e752c284-194c-4f09-a750-3a358d5dd568/ “To me, the real accomplishment is making money with the risk under control. And that's what thinking about risk, I think, helps you do.” — David Perell Wed, 21 Feb 2024 13:20:30 +0000 returns