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Howard Marks & Andrew Marks: Something of Value
Acquired
Four methods of managing risk
Understanding and managing risk involves acknowledging it, analyzing it, diversifying it, and being compensated for taking it. Life insurance companies manage the risk of insuring people's lives by being aware of the risk, conducting thorough analysis, diversifying their policies, and pricing them with a margin of safety. This approach of managing risks is akin to investing in high yield bonds successfully by applying similar principles of risk management.
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