What Really Matters?
The Memo by Howard Marks
00:00
What Doesn't Matter? Volatility
Short-term performance doesn't matter much, but investors still pay attention to it. The Chicago School Theory of Investment developed in the early 1960s used volatility as a proxy for risk. I define risk as the probability of a bad outcome, and volatility is at best an indicator of the presence of risk.
Transcript
Play full episode
