<p><strong>How does the stock market express uncertainty</strong>? In this insightful conversation, <strong>co-founder of Oaktree Capital, renowned investor, and Alliance Board member Howard Marks</strong> joins our host, Annie Duke, to discuss the psychology behind market volatility and investor behavior. Howard explains how fluctuations in stock prices often reflect investor sentiment rather than changes in a company&#39;s intrinsic value, and discusses the biases that arise in both stable and volatile markets. Howard also examines the pitfalls of striving for above-average returns without the requisite skills and knowledge, stressing realism and patience as vital components of successful investing.</p><p>Key takeaways include how optimism is inherent in investing, why investors mistake price changes for information, and the value of understanding base rates for making informed decisions. </p><p>—--------------------------------------------------------</p><p>This is <em>The Decision Education Podcast</em>, where we explore the science of decision-making with a diverse range of experts and offer practical strategies to transform our understanding of the role decisions play in our lives.</p>