Volatility Is Not Risk

I believe that risk is the probability of something bad happened. Where can you look that up? And the answer is no place. The probability of most future events is a matter of opinion. My colleagues at Oaktree say, well, if we're going to buy that, it's pretty risky. We should get a high return. Makes perfect sense. I think I say that risk is something that you may want to limit. You may want to avoid. But if you're going to take it, you certainly want to get paid for it.