Howard Marks：Risk, Excerpt 8

Casual onlookers rarely see that as a tough question. But like most aspects of investing, the more obvious the answers seem, the less likely they are to be true.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2006-01-19-risk.pdf
Locator：Memo, excerpt 8 · Verified：2026-10-19 · Verification：Short excerpt

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