Topic: Howard Marks
5 posts tagged “Howard Marks”.
The Distribution of Outcomes: What Risk Really Means
Taking more risk does not simply shift your return higher up a straight line. It widens the range of possible outcomes — and fattens the bad tail. That shape is why position sizing and diversification matter.
Think Different, Not Just Better
To beat the market you have to hold a view that differs from the crowd — and be right. Howard Marks calls this second-level thinking: superior returns live only where you are both non-consensus and correct.
Cycle Positioning: Temperature, Posture and the Maths of Loss
Howard Marks argues we can't predict market turns, but we can read where we are in the cycle — and adjust how defensive we are. The maths of recovering from losses makes that judgement matter.
"This Time Is Different" — The Four Most Dangerous Words
Every great bubble was justified by a story that the old rules no longer applied. Howard Marks's warning: when you need a brand-new framework to justify a price, the new framework is the risk.
Risk Is Not Volatility. Risk Is Ruin.
Academic finance equates risk with volatility. Howard Marks argues that is a category error: real risk is the permanent loss of capital — and it is often highest precisely when markets feel calmest.