#53 Howard Marks: Luck, Risk and Avoiding Losers
The Knowledge Project with Shane Parrish
Balancing Risk and Uncertainty
Investors, particularly those working for others, are often more concerned about losing money than missing opportunities. However, both outcomes are negative, highlighting the importance of considering both in risk assessment. Understanding the range of possible outcomes and acknowledging uncertainty are crucial in evaluating risk effectively. The memo emphasizes the necessity to read it for those interested in risk analysis, with all previous memos available online.
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