The Memo by Howard Marks cover image

The Impact of Debt

The Memo by Howard Marks

CHAPTER

Navigating Risk in Investments

The chapter explores the intricate relationship between risk and investment decisions, warning against the dangers of underestimating potential risks akin to playing Russian roulette with invisible bullets. It emphasizes the cyclic nature of attitudes towards risk in the market, particularly focusing on the impact of debt capital and the importance of prudent leverage strategies for sustained investment success.

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