Howard Marks：Risk, Excerpt 6

The bottom line is that investment risk comes in many forms. Many risks matter to some investors but not to others, and they may make a given investment seem safe for some investors but risky for others. Rejecting risk as synonymous with volatility, as I do, eliminates the one measure of risk that’s entirely quantifiable, objective and absolute. This, in turn, makes it hard to argue that the market’s an efficient machine that precisely assesses the risk of each investment and allocates prospective return proportionately.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2006-01-19-risk.pdf
Locator：Memo, excerpt 6 · Verified：2026-10-19 · Verification：Short excerpt

版权仍存续；仅摘录并链接橡树资本官网原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library