Howard Marks Takes On Volatility As Measure Of RiskMark Melin
Citing John Kenneth Galbraith, who said, “We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know,” Howard Marks Oaktree Capital recent letter to investors considered various market probabilities as it tackled volatility as an inaccurate measure of risk.
Howard Marks recognizes the difference between volatility and investment loss
He first . . .
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