In the world of investing, risk is an ever-present companion. We spend countless hours analyzing data, studying market trends, and crafting meticulous strategies to mitigate known risks. Yet, as the legendary investor and co-founder of Oaktree Capital, Howard Marks, once famously stated –
Risk is what’s left over after you think you’ve thought of everything.
This sentiment is a stark reminder that in the unpredictable world of investing, there are always unknown and unexpected risks lurking in the shadows.
Today, I share with two compelling stories told by Marks and another noted investor Joel Greenblatt, to shed light on the importance of acknowledging the existence of these hidden dangers and surprises, especially when you are sure that no such surprises exist.
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