Howard Marks：Risk, Excerpt 14

It’s by bearing risk when we’re well paid to do so – and especially by taking risks toward which others are averse in the extreme – that we strive to add value for our clients. When formulated that way, it’s obvious how big a part risk plays in our process.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2006-01-19-risk.pdf
Locator：Memo, excerpt 14 · Verified：2026-10-19 · Verification：Short excerpt

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