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The Memo by Howard Marks
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley
Jul 23, 2024
Oaktree cofounder Bruce Karsh and chess Grandmaster Maurice Ashley join Howard Marks in a discussion about risk and decision-making, drawing parallels between chess and investing. They explore the importance of taking risks, making sacrifices, embracing uncertainty, and learning from failures on the journey to success.
32:25
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Quick takeaways
- Taking risks is essential in decision-making, lack of risk can be riskiest.
- Success involves embracing challenges, setbacks, and personal growth.
Deep dives
The Importance of Sacrifice in Chess and Investing
Sacrifice is a crucial aspect in chess, where giving away valuable pieces strategically is essential. This concept resonates in investing as 'risk-bearing,' where decisions involve potential loss for possible gains. Understanding that uncertainty defines sacrifices compels individuals to take calculated risks for favorable outcomes.
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