Howard Marks is one of the most insightful voices in investing. He recently spoke at Moneycontrol GWS 2025, discussing market behavior, cycles, and investor psychology. His reflections are a reminder that while the specifics of history change, human behavior remains remarkably predictable. As he quoted Mark Twain, “Well, of course, … Read More
Stock Market Returns: Five-Factor Analysis and What Lies Ahead
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and John Rotonti Jr discussed Stock Market Returns: Five-Factor Analysis and What Lies Ahead: Tobias: JT, you want to do- John: Veggies. Tobias -veggies? Jake: Veggies time. Absolutely. Tobias: Market boys, six minutes past the hour. … Read More
Prem Watsa – More Information, Same Human Nature
In the world of investing, information is everywhere. We have real-time stock quotes, earnings reports, and economic forecasts at our fingertips. Yet, as Prem Watsa pointed out in his 2011 talk at Ivey Business School’s Value Investing Classes, “lots more information right doesn’t mean a thing because human nature hasn’t … Read More
Howard Marks: Why Risk Is Perverse
Risk is often misunderstood, not because it is complicated, but because it defies intuition. As Howard Marks explains in his discussion on the character of risk, “risk is counterintuitive” and “risk is perverse.” The way we perceive risk can often be the exact opposite of reality, leading investors, policymakers, and … Read More
Howard Marks on Smart vs. Lucky: Lessons for Investors
In this Insight Conversation with Annie Duke, Howard Marks reflects on a key lesson he learned from his early studies in investment: the quality of a decision cannot be judged by its outcome. Success can result from poor decisions, and many investors are often “right for the wrong reasons.” He … Read More
Howard Marks: Following the Crowd Will Ruin Your Portfolio
During his recent interview at Chicago Booth, Howard Marks explained how human emotions often lead investors to make poor decisions—buying high when markets are thriving and selling low during downturns. He emphasizes the importance of being contrarian, resisting emotional impulses, and sometimes doing the opposite of the crowd. Marks highlights … Read More
Howard Marks: When Something Is On The Pedestal Of Popularity, Risk Of Decline Is High
In his latest memo titled – On Bubble Watch, Howard Marks discusses how bubbles, while often grounded in a kernel of truth, lead to excessive valuations fueled by optimism, FOMO, and a belief that prices can’t fall. He reflects on past bubbles, such as the late ’90s internet mania and … Read More
Howard Marks: When Investors Are Practicing Suspension Of Disbelief, It’s Dangerous
During this interview with Real Vision, Howard Marks discusses the risks of excessive optimism in financial markets, emphasizing how imprudent behavior drives prices too high based on overly favorable expectations, creating a risky environment. He recounts the distressed debt opportunities in 2002 following the telecom meltdown and scandals, which presented … Read More