Howard Marks：Risk Revisited Again, Excerpt 1

The operators of racetracks take a dim view of bettors who engage in “past-posting”: trying to get a bet down after the race is over (and the horses are “past the post”). In that vein, it’s been my practice not to rewrite old memos as new developments arise or new ideas strike me. However, while preparing “Risk Revisited” of September 2014 for inclusion in a compilation of my memos, I thought of a number of ways in which it could be made better. And since it was my original intention to have it contain everything I know about risk, I’ve decided to incorporate them. To make it clear which sections are new, I’ve put them in italics.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2015-06-08-risk-revisited-again.pdf
Locator：Memo, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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