
Bonus Episode: Howard Marks on “In Good Company”
The Memo by Howard Marks
Exploring Sound Risk Management and Probabilistic Outcomes in Investing
Sound risk management in investing is not about avoiding risk but intelligently bearing it for profit. Taking risks skillfully involves being aware, analyzing, diversifying, and taking paid risks. Probabilistic outcomes in investing acknowledge the uncertainty of the future, where various outcomes are possible. Excessive certainty is cautioned against, highlighting the importance of acknowledging limitations to avoid getting into trouble.
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