Wharton School
The University of Pennsylvania's business school.
Where Wharton School comes up1 episode or test
- Practical investing
- Qualitative grounding
- Studied 1963 to 1967
- Quantitative investing
- Efficient-markets view
Only challenging reconciliations are interesting
From Howard Marks on his Wharton years
What was said about Wharton School
Wharton gave Howard Marks practical, qualitative investing training in the 1960s. Marks studied at Wharton from 1963 to 1967 and came away with a practical, qualitative grounding in investing.
He then went to Chicago, among the first classes exposed to the Chicago School of investment thought, which taught a quantitative, efficient-markets view.
A foreign literature requirement at Wharton pushed Marks toward Japanese studies and better writing. Wharton required a foreign literature course, and that requirement led Marks to Japanese studies. He says this sharpened his writing.
Wharton's teaching clashed with Chicago's, and Marks found his best material in the friction. Marks set what Wharton taught (practical, qualitative) against what Chicago taught (quantitative, efficient markets) and what works in practice. He says only challenging reconciliations are interesting, not easy ones.
As a writing prompt he suggests asking what doesn't make sense and how two opposing worldviews can both seem coherent. Quote: "only the challenging reconciliations are interesting."
How He Raised Billions with Simple Ideas | Howard Marks
Marks studied there from 1963 to 1967, where he got practical, qualitative investing training. Its requirement for a foreign literature course led him to Japanese studies, which sharpened his writing.
Wharton gave Howard Marks practical, qualitative investing training in the 1960s. Marks studied at Wharton from 1963 to 1967 and came away with a practical, qualitative grounding in investing.
He then went to Chicago, among the first classes exposed to the Chicago School of investment thought, which taught a quantitative, efficient-markets view.
A foreign literature requirement at Wharton pushed Marks toward Japanese studies and better writing. Wharton required a foreign literature course, and that requirement led Marks to Japanese studies. He says this sharpened his writing.
Wharton's teaching clashed with Chicago's, and Marks found his best material in the friction. Marks set what Wharton taught (practical, qualitative) against what Chicago taught (quantitative, efficient markets) and what works in practice. He says only challenging reconciliations are interesting, not easy ones.
As a writing prompt he suggests asking what doesn't make sense and how two opposing worldviews can both seem coherent. Quote: "only the challenging reconciliations are interesting."
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