Howard Marks：Dare to Be Great II, Excerpt 7

The goal in investing is asymmetry: to expose yourself to return in a way that doesn’t expose you commensurately to risk, and to participate in gains when the market rises to a greater extent than you participate in losses when it falls. But that doesn’t mean the avoidance of all losses is a reasonable objective. Take another look at the goal of asymmetry set 4 © Oaktree Capital Management, L.P.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-ii.pdf
Locator：Memo, excerpt 7 · Verified：2026-10-19 · Verification：Short excerpt

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