Howard Marks: Oaktree Capital, Investment philosophy, Risk and Randomness
In Good Company with Nicolai Tangen
**Probabilistic outcomes **
In the realm of probabilistic outcomes, the future presents various possibilities, not a single predetermined result. This implies that risk entails a range of potential outcomes, rather than a guaranteed outcome. Thus, one should embrace uncertainty and acknowledge that multiple outcomes are possible under any circumstances. Avoiding excessive certainty is crucial, as it can lead to unexpected troubles.
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