#53 Howard Marks: Luck, Risk and Avoiding Losers
The Knowledge Project
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The Probability of a Returning Investment
In economics, we make decisions based on what's called the expected value. If you roll a a thousand dice, a thousand times six, 36 of the outcomes will be seven. But in one roll, anyo oi. That's the difference between probability and outcome. And that's where the uncertainty comes in the risk.
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